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