April 9, 2010
Canada’s Task Force on Financial Literacy wants to know how Canadians make their financial decisions. To get that discussion going, they have released the "http://www.advisor.ca/pdfs/TFFL Consultation Document EN.pdf " ‘Leveraging Excellence’ report today. The report explores the key issues the task force believes Canadians face when it comes to their financial well-being.
Called to action by the federal Minister of Finance, Jim Flaherty, in 2009, the task force has been examining the state of financial literacy initiatives in Canada and abroad by speaking with experts and identifying the key issues that need to be brought to the attention of Canadians through its public consultations.
Besides examining savings, debt, retirement and technological issues, the task force wants to help Canadian protect their investments and their savings by providing them with the tools and knowledge to guard against fraud in all forms.
According to the Canadian Securities Administrators, an estimated one million adult Canadians have been the victims of investment fraud and one in five Canadians say they have been approached with fraudulent investment schemes in the past three years. This has caused a loss of confidence in the financial system as a whole, reports the task force.
"Financial literacy is essential to all Canadians," said chair Donald A. Stewart. "It has the power to enhance quality of life for Canadians and their families; at all income levels; and make Canada stronger, more competitive and successful."
Canadians will be able to provide feedback in writing, online until April 30 and make their concerns known in person during a series of consultation sessions. Sessions with task force members will be held in every province and territory, between April 6 and May 13.
Comprised of 13 members from the business and education sectors, community organizations and academia, the task force will deliver its action plan to the government by the end of the year.
For additional information visit "http://www.financialliteracyincanada.com"
Public session schedule
April 7th Calgary
April 8th Saskatoon
This story was originally published by Canadian Insurance Top Broker.