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