Canada’s approach to financial literacy Jane Rooney Financial Literacy Leader Institute for Financial Literacy Annual Conference on Financial Education

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  • Canadas approach to financial literacy

    Jane RooneyFinancial Literacy Leader

    Institute for Financial Literacy Annual Conference on Financial EducationApril 2, 2015

  • OverviewCanadas approach to financial literacyMandate of the Financial Literacy LeaderMilestones 20142015

  • Defining a financial literacy approachFinancial markets and products are more complexFinancial literacy is having the knowledge, skills, confidence to make responsible decisions

  • FCAC: The Financial Consumer Agency of CanadaOpened 2001 Mandate: to strengthen oversight of consumer provisions of federal laws, regulations and voluntary commitments to expand consumer education in the financial sector

    2001

  • Task Force on Financial Literacy2011:

    Thirty recommendations, including appointment of a leader. 200120072011

  • Financial Literacy LeaderMandate:Collaborate and coordinate initiatives that strengthen the financial literacy of CanadiansDevelop and implement the national strategy for financial literacy

  • National Steering CommitteeDrawn from public, private and not-for-profit sectorsGuide and contribute to development of national strategy for financial literacy

  • ConsultationsThree phases:SeniorsPriority groups: Aboriginal peoples, newcomers to Canada, people with low incomes, people with disabilitiesYoung and adult Canadians

  • Strengthening Seniors Financial Literacy

    Goals for seniors:Prepare for future Improve access to and understanding public benefit programsCombat financial abuse of seniors

  • Strengthening Seniors Financial Literacy

    Support from public, private and not-for-profit sectors:Credit union movement: identify possible abuseCanadian Bankers Association: sessions for seniorsGovernment: new online tools

  • What we heardOne size does not fit allUse teachable momentsCommunicate clearlyCollaborate for success

  • Canadian Financial Literacy Database

  • Canadian Financial Literacy DatabaseOne-stop resource over 860 resources from 75 organizationsNetworking toolSelf-assessment quiz

  • Building collaborationInter-departmental Committee on Financial LiteracyReaching out to provincesNational Steering CommitteeFinancial literacy networks

  • EvaluationSurveysFeedback from stakeholdersCanadian Financial Capability SurveyFielded every 5 yearsEvaluation toolkit Developed in collaboration with stakeholders

  • Will financial literacy result in better decisions?Further researchFactors affecting decision-makingBehavioural economicsNudging behaviour

  • International collaborationInternational Network for Financial Education (INFE)High-level Principles on National Strategies for Financial EducationPolicy handbook and checklist

  • Contact us

    ItPaysToKnow.gc.caConsumer Services Centre: 1-866-461-FCAC (3222)

    Follow @FCACan on TwitterSubscribe to FCACan on YouTube Like Financial Consumer Agency of Canada (FCAC) on Facebook Like Financial Literacy Month in Canada on FacebookFollow Financial Consumer Agency of Canada on LinkedIn Join the Financial Literacy in Canada group on LinkedIn

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