Literacy Strategy is in Line with CIA’s Message

The CIA has regularly emphasized the need for increased financial literacy among Canadians. Whether we have used a discussion paper or a submission, a study on retirement risk or a Seeing Beyond Risk article, we have endeavoured to highlight the public’s lack of awareness about key issues like savings and retirement.

Now pleas from the CIA and other expert organizations have found support at the government: this month witnessed the launch of the National Strategy for Financial Literacy – Count me in, Canada.

It was released by the Financial Consumer Agency of Canada, which described it as:

. . . a call to action for all Canadians to gain the knowledge, skills and confidence they need to make financial decisions and improve their financial well-being. It will focus the efforts of . . . public, private and non-profit organizations . . . across the country that deliver financial literacy programs and initiatives to Canadians to help them:

The strategy sets out goals and priorities to help Canadians better manage their finances and make appropriate decisions as their needs and circumstances change. It also calls on organizations to join efforts to help Canadians take action and make financial literacy a life-long journey.

It is backed by the Honourable Kevin Sorenson, Minister of State (Finance), and Canada’s financial literacy leader Jane Rooney said it was "meant to be accessible, inclusive and relevant for all, while also recognizing their diverse experiences and circumstances."

It specifies a number of common goals developed through research and consultation with organizations active in financial literacy, and prioritizes different ways of achieving its goals.

For more on the strategy and what it might mean, click here.

Canadian Institute of Actuaries/Institut canadien des actuaires