Ten members of the Task Force held a second day of public consultations in a sunny and bright Ottawa Thursday, all – even representatives from the west and Toronto – invigorated by the triumph of Les Canadiens the night before.
The improving disclosure practices of the investment business were addressed by Charles Sims, Mackenzie Financial CEO, who said an industry working group is developing “a two page disclosure in simple, plain language (that addresses) how the risk profile should fit into (investors’) thought processes.”
Presenter Margot MacPherson Brewer advocated that “women’s experiences should be integrated into the Task Force’s recommendations.” She said “all women need to take responsibility for their own financial independence,” and need knowledge and support to do so.
Entraide budgétaire Ottawa (http://www.ebottawa.org/) – which provides counseling to middle and low income earners – echoed this theme, Hélène Ménard noting that, “we encourage people to come in as a couple; very few do…the burden for budget management in the family is often on the woman.”
Option Consommateurs (http://www.option-consommateurs.org ), a non-profit association that promotes consumer rights, made 15 thought-provoking recommendations, including establishing a national financial literacy coordination office with its website offering plain language tools for consumers.
Additional important social context was provided by Ken Georgetti, Canadian Labour Congress President, who expressed disappointment in “the stagnation of wages” experienced by most Canadians. “Canadians are not saving as much because they can’t afford to save,” he said. Mr. Georgetti also criticized the heavy advertising by financial institutions, saying it persuades people that, “you have to give your money to somebody else (to manage) because you’re not smart enough to do it yourself.”
After Wednesday’s public sessions, the Task Force had an opportunity to provide an informal update to the Minister of Finance, to whom we report, on some of the broader themes emerging across Canada. A more comprehensive report on our consultations will be provided to the Minister this summer. Minister Flaherty reiterated to us the importance of our work in strengthening the national fabric.
The Task Force will conclude its public, in-person consultations when two of its members convene in Iqaluit on May 27.
Don Stewart
Chair of the Task Force on Financial Literacy
Thursday, May 13, 2010
Wednesday, May 12, 2010
TASK FORCE CHAIR'S BLOG: May 12, 2010
The Task Force is in Ottawa Wednesday and Thursday this week holding in-person consultation sessions. While time does not permit us to accommodate all of those who wished to appear, we will end up hearing from about 170 groups and individuals through the public sessions.
Pat Kerwin, of the Congress of Union Retirees of Canada (http://unionretiree.ca/ ), kicked off the day with two thought-provoking recommendations: that financial literacy education has to start early and be mandatory, as children are focused on “instant communications and instant gratification”; and that mandatory changes be made to CPP so that it pays retirees 50% of the average wage.
Building on the unique needs of illiterate people – on which several previous presenters have focused – the Movement for Canadian Literacy’s Lindsay Kennedy recommended that “financial institutions be required to provide all information in…plain language and clear writing.” (http://www.literacy.ca/ )
The Task Force was reminded of the wide variety of ways that financial literacy can be delivered by Angelo Pace of FUNancial Education, which runs Camp Ka-Ching, a summer day program for children ages eight to twelve (http://www.funancialeducation.com/ ).
Ottawa financial adviser Marc Lamontagne described the valuable information that advisers can help people traverse savings, wealth management and retirement; and urged that the fees paid to advisers be made tax-deductible. Under questioning, he allowed that there is little or no difference in the quality provided by fee-based and commission-based advisers.
The Task Force has been inundated with fascinating statistics from many presenters. One example came Wednesday from the Certified General Accountants Association, whose Carole Presseault said, “if household debt was to be evenly spread across all Canadians, each individual would have held $41,740 in debt last year.”
Don Stewart
Chair of the Task Force on Financial Literacy
Tuesday, May 11, 2010
TASK FORCE CHAIR'S BLOG: May 11, 2010
The Task Force resumed its public consultations in Toronto Tuesday, prior to heading to Ottawa for sessions on Wednesday and Thursday.
The Youth Challenge Fund (http://youthchallengefund.org/), which works to improve opportunities for Toronto's young people in the city’s 13 priority neighbourhoods, was represented by Pamela Grant. She observed that youth have a lack of opportunities to enhance their financial literacy; their needs vary widely and a single approach won’t work; and that education needs to be integrated into existing youth programs.
Similar thoughts were expressed by Fazal Khan of SkyRocketKids Foundation (http://skyrocketkids.org/), who observed that, “many children view money as a piece of plastic in mom or dad’s wallet that gets them stuff.” SkyRocketKids’ MoneyBox teaches children financial literacy and the distinctions among save, spend, give and grow.
Questions arising from prior submissions – that suggested that credit cards are too easy to obtain and that high interest rate cards are being aggressively marketed by some schools – were posed to Visa Canada’s Tim Wilson. He agreed that “consumers need to be educated before receiving credit cards,” and described Visa’s Choices & Decisions financial literacy program, now taught in more than 5,000 secondary schools.
The Financial Planning Standard Council’s Cary List, in a thought-provoking presentation, told the Task Force that, “managing money is a life skill as important as language, reading and arithmetic.”
Robin Walsh of the Canadian Bankers Association recommended the establishment of a single web portal on financial literacy for all financial institutions and organizations, hosted at the website of the Financial Consumer Agency of Canada (http://www.fcac-acfc.gc.ca/).
19 groups and individuals appeared Tuesday and over 200 submissions have been received to date; clearly, interest in the Task Force’s work is growing as our work progresses.
Don Stewart
Chair of the Task Force on Financial Literacy
The Youth Challenge Fund (http://youthchallengefund.org/), which works to improve opportunities for Toronto's young people in the city’s 13 priority neighbourhoods, was represented by Pamela Grant. She observed that youth have a lack of opportunities to enhance their financial literacy; their needs vary widely and a single approach won’t work; and that education needs to be integrated into existing youth programs.
Similar thoughts were expressed by Fazal Khan of SkyRocketKids Foundation (http://skyrocketkids.org/), who observed that, “many children view money as a piece of plastic in mom or dad’s wallet that gets them stuff.” SkyRocketKids’ MoneyBox teaches children financial literacy and the distinctions among save, spend, give and grow.
Questions arising from prior submissions – that suggested that credit cards are too easy to obtain and that high interest rate cards are being aggressively marketed by some schools – were posed to Visa Canada’s Tim Wilson. He agreed that “consumers need to be educated before receiving credit cards,” and described Visa’s Choices & Decisions financial literacy program, now taught in more than 5,000 secondary schools.
The Financial Planning Standard Council’s Cary List, in a thought-provoking presentation, told the Task Force that, “managing money is a life skill as important as language, reading and arithmetic.”
Robin Walsh of the Canadian Bankers Association recommended the establishment of a single web portal on financial literacy for all financial institutions and organizations, hosted at the website of the Financial Consumer Agency of Canada (http://www.fcac-acfc.gc.ca/).
19 groups and individuals appeared Tuesday and over 200 submissions have been received to date; clearly, interest in the Task Force’s work is growing as our work progresses.
Don Stewart
Chair of the Task Force on Financial Literacy
Wednesday, April 21, 2010
TASK FORCE CHAIR'S BLOG: April 21, 2010
The Task Force held public consultations in New Brunswick and Prince Edward Island today. I am in Charlottetown with Task Force members Laurie Campbell, Mitch Murphy and Greg Pollock.
During Wednesday’s session, Credit Counselling Services of Atlantic Canada’s Jennifer Gorman recommended that “financial education needs to be a mandatory part of the school curriculum (and it) should be consistent in content and progression across Canada.” CCSAC is doing commendable work in providing students with scholarships “to minimize their post-secondary debt and to use credit wisely.”
The UPEI Student Union presented research which shows, “Students have a serious lack of financial literacy (and) are unaware of the risks,” and urged student loan programs to provide clearer and easier to understand information. “You shouldn’t need a law degree to fill out a form for student aid,” said Student Union President Timothy Cullen.
A financial literacy course for Grade 10 students has been tested in four Island schools, Mike Leslie of the PEI Department of Education told us. “Our teachers are thrilled,” he said, “and it’s empowering students.” During a break in our session, Mr. Leslie shared course materials with the Student Union, giving students “hope” that help is on the way.
Earlier, the Task Force heard earnest pleas for changes in the Canada Pension plan, although that issue is beyond our mandate. Carl Pursey of the PEI Federation of Labour urged “forced savings” through increased mandatory deductions for CPP. That is, he said, “the only way Canadians are going to save for retirement…we feel we’re better off with the government handling it.”
About 175 groups and individuals have registered so far to meet with the Task Force at its public sessions across Canada. The Task Force is about midway through 17 meetings in 15 communities, as it visits every province and territory.
A reminder that the deadline for written submissions to the Task Force is April 30 and our online forum will run until the last day of consultations, May 13. Information is at www.financialliteracyinCanada.com.
The Task Force moves on to St. John’s on Thursday.
Don Stewart
Chair of the Task Force on Financial Literacy
Tuesday, April 20, 2010
TASK FORCE CHAIR'S BLOG: April 20, 2010
The Task Force stopped for hearings today in Montreal and Halifax. I am in cloudy and cool Halifax with my Task Force colleagues Laurie Campbell, Mitch Murphy and Greg Pollock.
The day began with a round table discussion with senior, regional labour leaders. As with many presenters we’ve heard across the country, the dialogue occasionally focused on issues beyond the Task Force’s mandate, but all of the comments were constructive and worthwhile.
One labour presenter noted “the significant illiteracy challenges in the workplace” that render many Canadians unable to understand fees charged by financial institutions. “Even pay stubs today are technical documents,” one spokesman remarked. The Task Force also heard comparisons between defined benefit and defined contribution pension plans; and some strong comments about so-called “payday lenders.”
The Credit Counselling Services of Atlantic Canada spent much of their allotted time describing what, in their view, is the over-availability of credit cards. “It’s about financial literacy,” said Tamara Kelly. “How banking has changed in the last few years! And we’ve not kept up with our education of consumers.” And another member of the delegation said of credit card disclosure documents, “Education is reading the fine print and experience is what you get when you don’t.”
The unique needs of immigrant families were described by a group called Creating Strong Habits – Financial Literacy Workshops. The vast complexities in insurance and taxation, the group’s representatives said, invoke among new Canadians sadness, fear and a lot of pressure.
As we approach the half-way mark in our in-person public consultations, the Task Force continues to be struck by the intelligence and diversity of views it is hearing. And interest by the news media is growing as well.
Please let the Task Force have your views at www.financialliteracyinCanada.com.
On Wednesday, I will report from Charlottetown.
Don Stewart
Chair, Task Force on Financial Literacy
The day began with a round table discussion with senior, regional labour leaders. As with many presenters we’ve heard across the country, the dialogue occasionally focused on issues beyond the Task Force’s mandate, but all of the comments were constructive and worthwhile.
One labour presenter noted “the significant illiteracy challenges in the workplace” that render many Canadians unable to understand fees charged by financial institutions. “Even pay stubs today are technical documents,” one spokesman remarked. The Task Force also heard comparisons between defined benefit and defined contribution pension plans; and some strong comments about so-called “payday lenders.”
The Credit Counselling Services of Atlantic Canada spent much of their allotted time describing what, in their view, is the over-availability of credit cards. “It’s about financial literacy,” said Tamara Kelly. “How banking has changed in the last few years! And we’ve not kept up with our education of consumers.” And another member of the delegation said of credit card disclosure documents, “Education is reading the fine print and experience is what you get when you don’t.”
The unique needs of immigrant families were described by a group called Creating Strong Habits – Financial Literacy Workshops. The vast complexities in insurance and taxation, the group’s representatives said, invoke among new Canadians sadness, fear and a lot of pressure.
As we approach the half-way mark in our in-person public consultations, the Task Force continues to be struck by the intelligence and diversity of views it is hearing. And interest by the news media is growing as well.
Please let the Task Force have your views at www.financialliteracyinCanada.com.
On Wednesday, I will report from Charlottetown.
Don Stewart
Chair, Task Force on Financial Literacy
Monday, April 19, 2010
TASK FORCE CHAIR'S BLOG: April 19, 2010
The Task Force began a busy week, first thing this morning, with public consultation sessions in both Montreal and Toronto. Members of the Task Force are splitting up this week, holding sessions in Moncton, Halifax, Charlottetown, St John’s and – in the north – in Whitehorse and Iqaluit. I encourage you to attend when we convene in your community, and details can be found on www.financialliteracyinCanada.com.
I would also remind you of the April 30 deadline for providing the Task Force with written submissions; details are also available on our website.
Two themes emerged from presenters today.
The first concerns the challenge of making financial literacy education interesting or compelling to the people who would benefit from it. We heard that, despite the widespread perception that traditional “financial literacy is boring,” there are many ways to make financial literacy real, interesting and engaging through peer-to-peer programming, advanced technology, real life stories and experiential learning.
In this vein, Alan Lysaght, co-producer of the ABC Guys series of books on financial management, said, “What really engages kids are stories.” Ellen Roseman, who was speaking in a personal capacity, not in her role as personal finance and consumer affairs columnist for the Toronto Star, said, “How do you get it across to people? Act it out,” suggesting compelling TV and radio commercials.
Ms. Roseman also recommended that financial literacy be expanded to include “consumer literacy,” to educate consumers on inappropriate spending, signing contracts they don’t understand, and the need to get financial advice.
A second common theme, covered by several presenters, focused on the importance of basic life values over the accumulation of material possessions. The Financial Post’s Jonathan Chevreau neatly summed up his formula for financial independence: “Freedom, not stuff.”
I will correspond with you again tomorrow from Halifax.
Don Stewart
Chair, Task Force on Financial Literacy
I would also remind you of the April 30 deadline for providing the Task Force with written submissions; details are also available on our website.
Two themes emerged from presenters today.
The first concerns the challenge of making financial literacy education interesting or compelling to the people who would benefit from it. We heard that, despite the widespread perception that traditional “financial literacy is boring,” there are many ways to make financial literacy real, interesting and engaging through peer-to-peer programming, advanced technology, real life stories and experiential learning.
In this vein, Alan Lysaght, co-producer of the ABC Guys series of books on financial management, said, “What really engages kids are stories.” Ellen Roseman, who was speaking in a personal capacity, not in her role as personal finance and consumer affairs columnist for the Toronto Star, said, “How do you get it across to people? Act it out,” suggesting compelling TV and radio commercials.
Ms. Roseman also recommended that financial literacy be expanded to include “consumer literacy,” to educate consumers on inappropriate spending, signing contracts they don’t understand, and the need to get financial advice.
A second common theme, covered by several presenters, focused on the importance of basic life values over the accumulation of material possessions. The Financial Post’s Jonathan Chevreau neatly summed up his formula for financial independence: “Freedom, not stuff.”
I will correspond with you again tomorrow from Halifax.
Don Stewart
Chair, Task Force on Financial Literacy
Friday, April 9, 2010
TASK FORCE CHAIR'S BLOG: April 9, 2010
The Task Force public hearings completed the week in Winnipeg, where we were given a broad collection of insights from 16 community groups and individuals. This built on the terrific range of input received during the five hearings this week.
My colleagues and I split up this week in our travels. Here in Winnipeg, six of us met again and were treated to important perspectives and recommendations from business, labour, the non-profit sector, academia and students.
One such perspective came from Duane Nicol, of the Assiniboine Credit Union. Duane recommended that helping to increase the financial literacy education of “marginalized people” would be an important element in poverty reduction, and that such education “must be practical, relevant, and just-in-time.”
Students in Free Enterprise (SIFE) of Brandon described a game called “Buyer Beware” played with youngsters aged 10 to 14, who learn valuable budgeting skills as they prioritize between needs and wants, and navigate “Temptation Island,” where candy is sold.
The University of Manitoba’s Dr. Karen Duncan shared details of curriculum on family financial health, and bluntly portrayed money issues as “a fundamental cause of family breakdown.”
Many thanks to all of the presenters – and those who continue to submit their views at www.financialliteracyincanada.com - for investing so much time and thought into buttressing the Task Force’s work.
I look forward to building on this great start when we head to Atlantic Canada during the week of April 19. Our online chronicles will continue then.
Don Stewart
Chair of the Task Force on Financial Literacy
My colleagues and I split up this week in our travels. Here in Winnipeg, six of us met again and were treated to important perspectives and recommendations from business, labour, the non-profit sector, academia and students.
One such perspective came from Duane Nicol, of the Assiniboine Credit Union. Duane recommended that helping to increase the financial literacy education of “marginalized people” would be an important element in poverty reduction, and that such education “must be practical, relevant, and just-in-time.”
Students in Free Enterprise (SIFE) of Brandon described a game called “Buyer Beware” played with youngsters aged 10 to 14, who learn valuable budgeting skills as they prioritize between needs and wants, and navigate “Temptation Island,” where candy is sold.
The University of Manitoba’s Dr. Karen Duncan shared details of curriculum on family financial health, and bluntly portrayed money issues as “a fundamental cause of family breakdown.”
Many thanks to all of the presenters – and those who continue to submit their views at www.financialliteracyincanada.com - for investing so much time and thought into buttressing the Task Force’s work.
I look forward to building on this great start when we head to Atlantic Canada during the week of April 19. Our online chronicles will continue then.
Don Stewart
Chair of the Task Force on Financial Literacy
Thursday, April 8, 2010
TASK FORCE CHAIR'S BLOG: April 8, 2010
I write today from sunny and beautiful Saskatoon, as the Task Force conducts its fourth public hearing in our cross-country tour.
We are pleased that the Task Force is able to connect with so many Canadians through the relatively new communications channel of social media. Via this blog, published on Facebook and other social media tools, we are reaching people in ways that would have been unimaginable just a few short years ago.
Beyond the many in-person presentations we are hearing each day in our travelling consultations, we have started to receive written and electronic submissions from across Canada well ahead of the April 30 deadline. Canadians are encouraged to provide their views and feedback to the Task Force - and dialogue with each other about financial literacy issues - using the online forum at www.financialliteracyincanada.com.
The Task Force has had its horizons broadened this week, hearing directly about the special money management challenges faced by low-income Canadians, people who are illiterate, seniors at risk of fraud, First Nations, and those with intellectual disabilities. For the last, we thank the Community Living Association Saskatoon, which works closely with these men and women.
Yesterday in Calgary, we discussed an intriguing program that encourages people to save over time for a house down payment, professional accreditation, or other life goals identified at the outset. Called Individual Development Accounts or IDAs, this program is broadly available in the U.S. but relatively new to Canada, and we are investigating further.
We will finish the week Friday in Winnipeg, and resume in both Montreal and Toronto on April 19.
Don Stewart
Chair of the Task Force on Financial Literacy
We are pleased that the Task Force is able to connect with so many Canadians through the relatively new communications channel of social media. Via this blog, published on Facebook and other social media tools, we are reaching people in ways that would have been unimaginable just a few short years ago.
Beyond the many in-person presentations we are hearing each day in our travelling consultations, we have started to receive written and electronic submissions from across Canada well ahead of the April 30 deadline. Canadians are encouraged to provide their views and feedback to the Task Force - and dialogue with each other about financial literacy issues - using the online forum at www.financialliteracyincanada.com.
The Task Force has had its horizons broadened this week, hearing directly about the special money management challenges faced by low-income Canadians, people who are illiterate, seniors at risk of fraud, First Nations, and those with intellectual disabilities. For the last, we thank the Community Living Association Saskatoon, which works closely with these men and women.
Yesterday in Calgary, we discussed an intriguing program that encourages people to save over time for a house down payment, professional accreditation, or other life goals identified at the outset. Called Individual Development Accounts or IDAs, this program is broadly available in the U.S. but relatively new to Canada, and we are investigating further.
We will finish the week Friday in Winnipeg, and resume in both Montreal and Toronto on April 19.
Don Stewart
Chair of the Task Force on Financial Literacy
Wednesday, April 7, 2010
TASK FORCE CHAIR'S BLOG: April 7, 2010
The Task Force, the many presenters we've heard from so far in the first three of our 17 public meetings across the country, and governments all agree that financial literacy – meaning a strong understanding of the principles that promote prudent, personal financial management – is a critical life skill.
As we move across the country, we are hearing multiple ways in which we can advance the financial knowledge and skills of Canadians, so they are well equipped to plan for the future, to weather economic downturns and to navigate major life events.
In Calgary, we heard another set of very well-prepared oral presentations from 13 organizations and individuals, most speaking about diverse and creative ways to deliver financial literacy programs. Recommending ways of having the disparate players deliver strong, audience-appropriate programs, in multiple jurisdictions and through multiple channels – schools, workplaces, community groups and online – will be challenging for the Task Force. And that is only one part of our mandate.
Importantly, the Task Force's mandate is broad but not all-encompassing. A number of groups with wide-ranging experience and from various backgrounds have asked us to delve into such subjects as the adequacy of public pensions and the minimum wage, for example. While this goes well beyond the mandate set out by the government that appointed us, we are on the road to hear from all Canadians. We appreciate all views, we are taking in all of the presentations, and we will diligently share what we are hearing with our government.
I'm more encouraged than ever that this consultations process will play a critical role in helping us shape our final report, and we are grateful to all those taking the time to make a constructive contribution in relation to our mandate.
As a country, we have the potential to become a financial literacy leader among nations, but we must engage Canadians in this challenge.
Please take the time to give us your perspective and ideas at
www.financialliteracyincanada.com
Don Stewart
Chair of the Task Force on Financial Literacy
As we move across the country, we are hearing multiple ways in which we can advance the financial knowledge and skills of Canadians, so they are well equipped to plan for the future, to weather economic downturns and to navigate major life events.
In Calgary, we heard another set of very well-prepared oral presentations from 13 organizations and individuals, most speaking about diverse and creative ways to deliver financial literacy programs. Recommending ways of having the disparate players deliver strong, audience-appropriate programs, in multiple jurisdictions and through multiple channels – schools, workplaces, community groups and online – will be challenging for the Task Force. And that is only one part of our mandate.
Importantly, the Task Force's mandate is broad but not all-encompassing. A number of groups with wide-ranging experience and from various backgrounds have asked us to delve into such subjects as the adequacy of public pensions and the minimum wage, for example. While this goes well beyond the mandate set out by the government that appointed us, we are on the road to hear from all Canadians. We appreciate all views, we are taking in all of the presentations, and we will diligently share what we are hearing with our government.
I'm more encouraged than ever that this consultations process will play a critical role in helping us shape our final report, and we are grateful to all those taking the time to make a constructive contribution in relation to our mandate.
As a country, we have the potential to become a financial literacy leader among nations, but we must engage Canadians in this challenge.
Please take the time to give us your perspective and ideas at
www.financialliteracyincanada.com
Don Stewart
Chair of the Task Force on Financial Literacy
Tuesday, April 6, 2010
TASK FORCE CHAIR'S BLOG: April 6, 2010
National in-person consultations began today for the Task Force on Financial Literacy in partly cloudy Vancouver and sunny Yellowknife.
I am in Vancouver with fellow Task Force members Ted Gordon, Ruth Kelly, Janice MacKinnon and Bill Schwartz. We are impressed by the quality of presentations, and the effort witnesses have made to prepare and deliver their remarks.
During our first day on the road, we heard from 15 individuals and groups, and I'm struck by the amount of work, the breadth of programs, and the appreciation for the importance of financial literacy in BC. Among many compelling comments:
* Kate Trethewey of Literary BC reminded the Task Force that a significant percentage of Canadians have difficulty understanding basic information provided by their financial institution; and that "adequate literacy skills" are a critical precursor to achieving financial literacy.
* Meanwhile, Julie Jaggernath of BC's Credit Counselling Society reported that there is a "marked interest (among her clients) in dealing with debt and budgeting … but they're not taught how to budget or the impact of their financial choices."
* The perspectives and challenges faced by some new Canadians were highlighted by Jennifer Mach of S.U.C.C.E.S.S.: "After they come here, they're very scared of credit and they don't know how to use it."
* A BC Public Guardian official highlighted the importance of public education and related legal literacy as part of planning for the potential incapacity of aging retirees.
* Two presenters from the BC Securities Commission talked of the frustration they've faced in building interest outside BC for the award-winning Planning 10, a four-credit grade 10 course including financial life skills.
* A number of groups took their opportunities before the Task Force to question the adequacy of public funding for retirement pensions; and the scope of the Task Force's mandate and its composition. While aspects of these issues are beyond the Task Force's mandate, these views were noted and will inform our deliberations.
My colleagues in Yellowknife, where hearings were also held Tuesday, reported a high degree of interest and excellent presentations.
The Task Force believes financial literacy is important for everyone. On next to Calgary.
Don Stewart
Chair of the Task Force on Financial Literacy
I am in Vancouver with fellow Task Force members Ted Gordon, Ruth Kelly, Janice MacKinnon and Bill Schwartz. We are impressed by the quality of presentations, and the effort witnesses have made to prepare and deliver their remarks.
During our first day on the road, we heard from 15 individuals and groups, and I'm struck by the amount of work, the breadth of programs, and the appreciation for the importance of financial literacy in BC. Among many compelling comments:
* Kate Trethewey of Literary BC reminded the Task Force that a significant percentage of Canadians have difficulty understanding basic information provided by their financial institution; and that "adequate literacy skills" are a critical precursor to achieving financial literacy.
* Meanwhile, Julie Jaggernath of BC's Credit Counselling Society reported that there is a "marked interest (among her clients) in dealing with debt and budgeting … but they're not taught how to budget or the impact of their financial choices."
* The perspectives and challenges faced by some new Canadians were highlighted by Jennifer Mach of S.U.C.C.E.S.S.: "After they come here, they're very scared of credit and they don't know how to use it."
* A BC Public Guardian official highlighted the importance of public education and related legal literacy as part of planning for the potential incapacity of aging retirees.
* Two presenters from the BC Securities Commission talked of the frustration they've faced in building interest outside BC for the award-winning Planning 10, a four-credit grade 10 course including financial life skills.
* A number of groups took their opportunities before the Task Force to question the adequacy of public funding for retirement pensions; and the scope of the Task Force's mandate and its composition. While aspects of these issues are beyond the Task Force's mandate, these views were noted and will inform our deliberations.
My colleagues in Yellowknife, where hearings were also held Tuesday, reported a high degree of interest and excellent presentations.
The Task Force believes financial literacy is important for everyone. On next to Calgary.
Don Stewart
Chair of the Task Force on Financial Literacy
TASK FORCE CHAIR'S BLOG: April 5, 2010
On the eve of the start of the Task Force's public consultations on financial literacy, I am in Vancouver with several of my colleagues on the Task Force, anticipating with great interest Tuesday's hearings.
This will be the first of 17 sessions being held across the country by Task ...Force members in April and May, from Vancouver to St. John's, from Whitehorse to Yellowknife, as part of our very extensive consultation process.
As those of you who have been following our work know, the Task Force was appointed last June by the federal Minister of Finance to make recommendations on a national strategy to strengthen the financial literacy of Canadians. These public consultations will shape and inform our final report to our government by year-end, along with research on best practices within Canada and across the globe.
Tomorrow, we will be hearing from a number of groups, including the Credit Counselling Society, the B.C. Federation of Labour, the B.C. Securities Commission and several individuals.
Beyond the public sessions, we urge all Canadians to share their views online or in writing. Details are at www.financialliteracyincanada.com.
Please check back here regularly, as I will be updating you from the road.
Don Stewart
Chair of the Task Force on Financial Literacy
This will be the first of 17 sessions being held across the country by Task ...Force members in April and May, from Vancouver to St. John's, from Whitehorse to Yellowknife, as part of our very extensive consultation process.
As those of you who have been following our work know, the Task Force was appointed last June by the federal Minister of Finance to make recommendations on a national strategy to strengthen the financial literacy of Canadians. These public consultations will shape and inform our final report to our government by year-end, along with research on best practices within Canada and across the globe.
Tomorrow, we will be hearing from a number of groups, including the Credit Counselling Society, the B.C. Federation of Labour, the B.C. Securities Commission and several individuals.
Beyond the public sessions, we urge all Canadians to share their views online or in writing. Details are at www.financialliteracyincanada.com.
Please check back here regularly, as I will be updating you from the road.
Don Stewart
Chair of the Task Force on Financial Literacy
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