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Moving Financial Literacy Forward

New in Canada's Economic Action Plan

Through Canada's Economic Action Plan, the federal government has set up an independent task force to make recommendations on a cohesive national strategy on financial literacy.

About the Program

A strong and stable financial system depends on the ability of its users to make informed decisions, particularly when managing the risk associated with using credit. Financial literacy is an important life skill that empowers consumers to make the best financial decisions in their particular circumstances.

A number of initiatives are currently underway to improve financial literacy for Canadians, but it is time to better organize efforts among all stakeholders. The task force will make recommendations to the Minister of Finance on how to achieve this coordination.

How It Works

The task force includes representatives from the business and education sectors, volunteer organizations and academia, and is supported by a federal secretariat. A positive outcome for the group requires the collaboration of the provinces, the private sector and community organizations.

The Task Force conducted public consultations from February 22 to May 27, 2010. Members of the Task Force travelled to every province and territory and met face-to-face with 175 individuals and organizations in 14 communities across Canada.

Who Will Benefit

Every Canadian who uses financial products or services, such as a mortgage, banking account and credit cards, could benefit from this initiative. Current financial literacy efforts focus primarily on younger people.

How to Find Out More

For more information, please consult Chapter 3 of Canada's Economic Action Plan (Budget 2009) under the heading "New Measures to Help Consumers of Financial Products" or visit the website of the Financial Consumer Agency of Canada.