In the 2009 budget, the Minister of Finance announced his intention to establish a national task force on financial literacy. Formed in June 2009, the Financial Literacy Task Force is made up of 13 members from the business and education sectors, community organizations and universities.
The Task Force on Financial Literacy will provide advice and recommendations to the Minister of Finance on a national strategy to strengthen the financial literacy of Canadians. This strategy will describe the following elements:
- the overall objectives, as well as a targeted and concrete action plan to strengthen the financial literacy of various segments of the population;
- ways to leverage existing resources to improve financial literacy in Canada;
- the best ways to promote financial literacy in Canada;
- a collaborative framework among the various stakeholders – including government organizations at all levels – to maximize Canada’s financial literacy efforts and reduce duplication;
- the ways in which different stakeholders must work together to advance financial literacy research in Canada,
- ways to assess progress in implementing the national strategy, including establishing reasonable timelines and milestones.
The Working Group will draw on global “best practices” and build on the strengths of successful initiatives already in place in Canada. It will issue a final report at the end of 2010, in which it will recommend to the Minister of Finance a national strategy on financial literacy. He will make his report available to the public