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
