Report of Recommendations on Financial Literacy

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Table of contents

  • About the Task Force on Financial Literacy
  • Acknowledgements
  • Message from the Chair and Vice Chair
  • Executive Summary
  • Financial Literacy Challenges and Opportunities in Canada
  • National Strategy on Financial Literacy
  1. Shared Responsibility
    • Financial Literacy Stakeholders
    • A Call to Collective Action
  2. Leadership and Collaboration
    • Dedicated Leadership
    • Multi-Stakeholder Collaboration
  3. Lifelong Learning
    1. Foundations
      • An Essential Skill
      • The Formal Education System
      • Financial Literacy Tools and Resources for Teachers
    2. Beyond the Classroom
      • In the Workplace
      • In the Financial Services Marketplace
      • The Role of Professional Advice
      • Government of Canada Programs
      • Resources for the Voluntary Sector
      • First Nations Capacity Building
    3. Learning and Behaviour
      • Take-up of Government Benefits
      • Programs for Saving
  4. Delivery and Promotion
    • Single Source Website
    • Public Awareness Campaign
    • Fraud Prevention and Education
    • Self-Assessment Tool
    • Awards for Excellence
    • Clear Communications
  5. Accountability
    • Monitoring National Progress
    • Participating in International Assessments
    • Improving Program Evaluation
    • Reporting to Canadians
    • Investing in Research
  • Conclusion: The Way Forward
  • Appendices
    • Appendix A: Summary of Recommendations
    • Appendix B: Members of the Task Force
    • Appendix C: Highlights from the National Financial Literacy Index
    • Appendix D: Accountability and Evaluation in Other Countries
    • Appendix E: Selected Bibliography

List of Figures

  • Figure 1: National Average Scores, National Financial Literacy Index (2009 data)
  • Figure 2: Who’s Struggling? Who’s Doing Better?
  • Figure 3: Ratio of Household Debt to Income (January 1990–September 2010)
  • Figure 4: Key Results from the 2003 International Adult Literacy and Skills Survey
  • Figure 5: The Proposed National Strategy on Financial Literacy
  • Figure 6: National Strategy on Financial Literacy
  • Figure 7: Shared Responsibility – Many Stakeholders Can Shape Canadians’ Financial Literacy
  • Figure 8: National Advisory Council on Financial Literacy
  • Figure 9: Life Events
  • Figure 10: Essential Skills – Money Math
  • Figure 11: Participation in RRSPs
  • Figure 12: Awards for Excellence in Financial Education
  • Figure 13: Hypothetical Pamphlet to Illustrate Skill Level Required to Understand Banking Information