In February 2010, The Canadian Task Force on Financial Literacy released a consultation document describing issues related to financial literacy in Canada and asking the public to respond to specific questions. Topics included understanding financial behaviour, saving and investing, planning for retirement, and protecting against financial fraud. 

Extensive public consultations were held in every province and territory involving 170 individuals and organizations. Over 300 submissions and hundreds of additional comments were received through on online forum. FAIR Canada was part of the consultation, making a presentation and written submission to the Task Force in May 2010.

The Final Report was released this week and Don Stewart and Jacque Ménard summarize the five priorities that underpin the proposed National Strategy in this Globe and Mail article, Five keys to a national strategy on financial literacy. Donald A. Stewart is the CEO of Sun Life Financial and chair of the Task Force on Financial Literacy and Jacques Ménard is chairman of BMO Nesbitt Burns and vice-chair of the task force.

Rob Carrick has commented on the report in his article The lost key to financial literacy: better disclosure. While Mr. Carrick agrees with the report, he argues that it does not go nearly far enough. He calls for better disclosure from the financial industry of fees and charges.

Ellen Roseman of the Toronto Star notes that information provided by the financial industry reflects their interest in selling products to consumers and disagrees with the reports proposal that the industry be “partners” in providing information from an official government website devoted to financial literacy Roseman: Financial literacy means saying no to business interests.

Jonathan Chevreau of the Financial Post asks some hard questions in Read Between the Literacy Lines. “Do mutual fund firms sincerely want the public to know that exchange-traded funds (ETFs) are cheaper than mutual funds? I hate to rain on the parade but financial industry profits are made on the backs of financial illiterates.”

Click here to view the Task Force on Financial Literacy brochure outlining the 5 priorities.