2023 to 2024 Departmental Sustainable Development Strategy Report

Implement strategy: Other

Departmental action:

Implement FCAC’s National Financial Literacy Strategy (NFLS). One of the key priorities of the NFLS is to “Build & provide for diverse needs”. By mobilizing the ecosystem to address the needs of diverse groups in the population, including Indigenous Peoples, the NFLS aims to act on inequalities and help achieve financial resilience.

FCAC engages with national financial literacy stakeholders by leading a Financial Literacy Working Group for Indigenous Peoples to advance the goals of the NFLS.

Program:

Research, Policy, and Education

Performance indicator, starting point, and target:

Performance indicator:

As part of its Departmental Results Framework that was updated in 2023–2024, FCAC will track the outcomes of the Financial Literacy Program including program outcome indicator (POI) 2: Number of ecosystem initiatives (FCAC and stakeholders) that aim to contribute to any outcome of the National Financial Literacy Strategy.

FCAC will identify a POI tracking target of these ecosystem initiatives that aim to address inequalities (e.g., collaborations, partnerships, and/or interventions that aim to support groups experiencing inequality, research activities that include disaggregated data, etc.). This will include, but not be limited to, initiatives that aim to improve outcomes for Indigenous Peoples.

Starting point:

As part of its Departmental Results reporting, FCAC will establish baselines (i.e., the starting point) for its Program Outcome Indicators by the end of FY 2023–2024.

Target:

As part of its Departmental Results reporting, FCAC will establish targets for its Program Outcome Indicators by the end of FY 2023–2024. Results will be reported in 2025.

How the departmental action contributes to the FSDS goal and target and, where applicable, to Canada's 2030 agenda national strategy and SDGS:

FCAC develops and adapts interventions to address the diverse needs of vulnerable populations including Indigenous Peoples, promoting access to financial products and services, and the reduction of any identified systemic barriers and/or discrimination in the financial literacy ecosystem across government and regulators, the financial services industry, and other key stakeholders.

Relevant targets or ambitions:

GIF Target: 10.2 By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status.

Results achieved:

Indicator result:

The indicator result here relates to the number of ecosystem initiatives that aim to address inequalities (e.g., collaborations, partnerships, and/or interventions that aim to support groups experiencing inequality, research activities that include disaggregated data, etc.)

As of 2023–2024, the result is 88.

Notes:

This is the first year of reporting on this indicator; as such, the 2023–2024 result (88) will serve as FCAC’s baseline.

The count for this indicator is cumulative.

Program Outcome Indicator 2 related to the number of ecosystem initiatives (FCAC and stakeholders) that aim to contribute to any outcome of the National Financial Literacy Strategy.

As of 2023–2024, the result is 127.

The target for this indicator is “Year-over-year improvement within the 5-year NFLS cycle.”

Implementation strategy:

Increase Indigenous employment in the federal public service

Departmental action:

Increase Indegenous employment by FCAC

Program:

Internal seervices

Performance indicator, starting point, and targets:

Performance indicator:

Percentage of indeterminate and term employees who self-identify as Indigenous Peoples compared to Canadian workforce availability (WFA) data adapted from the Statistics Canada Census.

Starting point:

As of March 31, 2023, the representation of Indigenous employees was 3.2% compared to the WFA of 4% based on 2016 Census data.

Target:

As of March 31, of each year, representation of Indigenous employees meets or exceeds WFA (WFA to be updated when 2021 Census data is available).

How the departmental action contributes to the FSDS goal and target and, where applicable, to Canada's 2030 agenda national strategy and SDGS:

Increasing Indigenous employment in the federal public service is identified in the FSDS as an implementation strategy supporting the goal, which also supports implementation of the Many Voices One Mind: A Pathway to Reconciliation and Call to Action on Anti-Racism, Equity and Inclusion. The contributions and perspectives of FCAC’s Indigenous employees enrich the workplace culture and enhance the programs and services provided to Indigenous Peoples and all Canadians.

Relevant targets or ambitions: GIF Target: 10.3 Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies and practices and promoting appropriate legislation, policies, and action in this regard.

Results achieved:

Indicator result:

As of March 31, 2024, representation of Indigenous employees increased to 3.4%.

Notes:

FCAC will continue to emphasize recruitment of Indigenous talent to meet or exceed its WFA target. The Agency promotes and leverages the Indigenous Career Pathways tool and available pools of Indigenous talent, and hiring managers are strongly encouraged to consider Indigenous candidates for all positions, as well as for student hiring.

In line with updates to the Public Service Employment Act, FCAC revised its staffing templates and tools to evaluate against biases and barriers. Assessment tools are also evaluated at the onset of each staffing process, to ensure the mitigation or elimination of biases and barriers for candidates, including Indigenous candidates.

FCAC fosters an inclusive workplace that welcomes diversity. The Agency offered a KAIROS Blanket Exercise for managers and employees to increase awareness of the importance of reconciliation and plans to offer another KAIROS Blanket session in the next fiscal year.

By seeking out Indigenous talent and creating an environment where Indigenous Peoples can thrive, FCAC aims to increase Indigenous employment in the public service and advance reconciliation with First Nations, Inuit, and Métis communities.

Implementation strategy:

Support economic development and entrepreneurship in Indigenous communities

Departmental action:

Ensure a minimum 5% of the total value of FCAC’s contracts are held by Indigenous businesses.

Performance indicator, starting point, and targets:

Performance indicator:

Percentage of total value of FCAC’s contracts held by Indigenous businesses.

How the departmental action contributes to the FSDS goal and target and, where applicable, to Canada's 2030 agenda national strategy and SDGS:

In 2021 the Government of Canada announced the implementation of a mandatory requirement for federal departments and agencies to ensure that 5% of the total value of its contracts be held by Indigenous businesses with the goal of increasing economic opportunities for First Nations, Inuit, and Métis businesses. The initiative is being implemented in a phased approach; FCAC was part of Phase I and was required to meet or exceed the 5% target by the end of fiscal year 2022–2023.

IRelevant targets or ambitions:

GIF Target: 10.3 Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies and practices and promoting appropriate legislation, policies, and action in this regard.

Results achieved:

Indicator result:

The percentage for contracts awarded to Indigenous businesses in 2023–2024 is 33.5%.

Notes:

The Financial Consumer Agency of Canada has surpassed its 5% goal for this indicator. This achievement was made possible through a combination of competitive requirements won by Indigenous suppliers and several Indigenous set-asides.

Planned initiatives

FCAC's Research, Policy, and Education Program strengthens the financial literacy and resilience of Canadians. Working with stakeholders (i.e., through mobilizing the financial ecosystem), it relies on evidence-based research and collaboration to propose policies, educate consumers, and encourage them to take beneficial financial actions. The scope of this program is covered comprehensively by the National Financial Literacy Strategy.

One of the key priorities advanced by the NFLS is to “Build & provide for diverse needs”. The aim of this priority is to encourage stakeholders to use tailored approaches to better serve the financial needs of diverse audiences. By addressing the needs of diverse subgroups in the population, including those who experience different forms of financial vulnerability, the NFLS aims to reduce inequalities and promote financial resilience.

In support of this priority, FCAC conducts ongoing research and analysis to identify and understand diverse needs of target population groups who are at greater risk of experiencing financial vulnerabilities (e.g., research initiatives that include disaggregated data by age, gender, etc.) to support evidence-based decision making aimed at reducing inequalities and building financial resilience. FCAC also works with stakeholders to develop and test experimental interventions that meet the needs of diverse population groups (e.g., women).

Another key priority advanced by the NFLS is “Supporting increased digital access & digital literacy” of those who are financially vulnerable.

Associated domestics targets or ambitions and/or global targets

The identified actions contribute to economic inclusion – GIF Target 10.2: By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status.

Results achieved

In 2023–2024, FCAC continued to implement its National Financial Literacy Strategy (NFLS).

The target outcome of several of the initiatives carried out in 2023–2024 was to “Build and Provide for Diverse Needs.” These initiatives included the following:

• FCAC tested the effectiveness of gamified online modules in increasing the financial confidence of students (particularly girls) in grades 6-12.
• FCAC worked in collaboration with Carleton University to test the efficacy of targeted interventions at improving the financial confidence and responsible financial behaviours of young women (aged 16-25) over time.

In addition, FCAC continued to partner with other financial ecosystem stakeholders and encouraged them to measure the impacts of their efforts in this area. The Measurement Plan Dashboard showcases the adopters of the NFLS Measurement Plan and the results of their initiatives.

• Some adopters of the National Strategy represent key communities (e.g., Black Moms Connection, Canadian Center for Women’s Empowerment, CanAge, Momentum, Prosper Canada).

FCAC also leveraged the insights of several working groups and committees to improve the design, development and delivery of policies, programs and services for groups facing inequalities:

• FCAC gathered input from Indigenous-led and Indigenous-serving organizations through the Financial Literacy Working Group for Indigenous Peoples (FLWGIP). This working group provides a forum to discuss disparities, challenges and barriers faced by First Nations, Inuit, and Metis persons in Canada. Some members of this working group are also part of the Financial Literacy Networks, which provide input to FCAC.
• FCAC’s Research Committee members are researchers who provide advice on research trends and activities. Many members gather input from Indigenous Peoples, and Black and racialized communities.

FCAC continued to conduct ongoing research and analysis to identify and understand the diverse needs of target population groups who are at greater risk of experiencing financial vulnerabilities. For example:

• FCAC conducted the Canadian Financial Capability Survey in February–March 2024, to collect data on Canadians’ knowledge, abilities and behaviour concerning financial decision-making. While the results of this survey are upcoming, characteristics such as gender, age, ethnic/cultural background (including Indigenous status) and socioeconomic status were collected so that the analyses can be informed by disaggregated results.
• FCAC gathered monthly statistical data on the financial well-being of Canadians, including breakdowns by gender, age, ethnic/cultural background (including Indigenous status) and socioeconomic status, through the Monthly Financial Well-being Monitor.

Finally, FCAC reviewed and analyzed primary and secondary research data about the needs of target population groups that are at greater risk of experiencing financial vulnerabilities as the Agency developed policy advice on several key files, including:

• the Consumer Driven Banking framework
• mortgages
• access to banking services

Further, FCAC joined the G20 Global Partnership for Financial Inclusion. FCAC applies a financial inclusion lens across policy files, leveraging data and research to understand diverse needs and promote quality financial inclusion for diverse groups.

Implementation strategy:

Maximize diversion of waste from landfill

Departmental action: 

Dispose of all assets using green strategies such as Computers for Schools program, GCTransfer & GCSurplus.

Program:

Internal Services

Performance indicator, starting point, and target:

Percentage of assets disposed using green strategies.

Starting point:

FCAC considers green strategies in 100% of its asset divestiture activities.

Target:

100%

How the departmental action contributes to the FSDS goal and target and, where applicable, to Canada's 2023 agenda national strategy and SDGS:

By divesting of electronic equipment and other surplus assets through donation or sale, FCAC reduces the environmental impacts of its operations and promotes environmental stewardship by diverting waste from landfill, reducing landfill gas and transport hauling emissions, and reducing emissions produced by the extraction and production of virgin materials.

Relevant targets or ambitions:

CIF Ambition: Canadians consume in a sustainable manner.

CIF Indicator: 12.3.1 Total waste diversion per capita.

GIF Target: 12.5 By 2030, substantially reduce waste generation through prevention, reduction, recycling, and reuse.

Results achieved: 

Indicator result:

As of 2023–2024, the result is 100%.

Notes:

FCAC disposes of assets using Computers for Schools Plus for IT equipment without data storage. IT equipment with non- removable data storage and other storage types (e.g., hard drives, thumbs drives, flash memory) were shredded as per the proper security classification, and recycled thereafter.

Implementation strategy:

Strengthen green procurement criteria

Departmental action: 

Consider green procurement strategies for every procurement action, maximizing the use of Public Services and Procurement Canada’s common-use procurement instruments, when available, as environmental considerations are integrated within.

Program:

Internal Services

Performance indicator, starting point, and target:

Performance indicator:

Percentage of procurement actions in which green strategies are considered.

Starting point:

FCAC considers green procurement strategies for every procurement action.

Target:

100%

How the departmental action contributes to the FSDS goal and target and, where applicable, to Canada's 2023 agenda national strategy and SDGS:

Green procurement incorporates environmental considerations into purchasing decisions and is expected to motivate suppliers to reduce the environmental impact of the goods and services they deliver, and their supply chains.

Relevant targets or ambitions:

CIF Ambition: Canadians consume in a sustainable manner.

CIF Ambition: Canadians consume in a sustainable manner.

CIF Indicator: 12.2.1 Proportion of businesses that adopted selected environmental protection activities and management practices.

GIF Target: 12.7 Promote public procurement practices that are sustainable, in accordance with national policies and priorities.

Results achieved: 

Indicator result:

As of 2023–2024, the result is 100%.

Notes:

Environmental considerations are incorporated in all FCAC purchasing decisions and are documented in the Agency’s procurement files. In addition to these considerations, FCAC contracting officers use PSPC & SSC common procurement instruments, which have green considerations built in.

Implementation strategy:

Implement the Greening Government Strategy through measures that reduce greenhouse gas emissions, improve climate resilience, and green the government’s overall operations

Departmental action:

Ensure all FCAC buyers complete the Canada School of Public Service’s Green Procurement (COR405) course.

Program:

Internal Services

Performance indicator, starting point, and target:

Performance indicator:

Percentage of procurement specialists trained in green procurement within one year of being hired.

Starting point:

FCAC currently employs 4 procurement specialists and buyers, all of which have completed the required training.

Target:

100%

How the departmental action contributes to the FSDS goal and target and, where applicable, to Canada's 2023 agenda national strategy and SDGS:

Green procurement incorporates environmental considerations into purchasing decisions and is expected to motivate suppliers to reduce the environmental impact of the goods and services they deliver, and their supply chains.

Relevant targets or ambitions:

CIF Ambition: Canadians consume in a sustainable manner.

CIF Indicator: 12.2.1 Proportion of businesses that adopted selected environmental protection activities and management practices.

GIF Target: 12.7 Promote public procurement practices that are sustainable, in accordance with national policies and priorities.

Results achieved: 

Indicator result:

As of 2023–2024, the result is 100%.

Notes:

All FCAC contracting officers have completed the Canada School of Public Service’s Green Procurement course (COR405).

Implementation strategy:

Reduce risks posed by climate change to federal assets, services, and operations

Departmental action:

Consider the impacts of climate change and climate-related risks during business continuity planning.

Program:

Internal Services

Performance indicator, starting point and target:

Performance indicator:

FCAC’s business continuity planning process is conducted annually during which climate-related risks are identified, assessed, and mitigated as required.

Starting point:

FCAC’s Business Continuity Plan is reviewed annually and updated as required.

Target:

FCAC’s Business Continuity Plan is reviewed on an annual basis and updated as required.

How the departmental action contributes to the FSDS goal and target and, where applicable, to Canada's 2023 agenda national strategy and SDGS:

FCAC’s Business Continuity Plan guides the efficient recovery of time critical activities to their minimum service level within a prescribed timeframe following a business disruption. By assessing the risks of climate change impacts and developing plans to reduce the risks, the potential for a disruption of service delivery to Canadians is reduced.

Relevant targets or ambitions:

CIF Ambition / Target: 13.3 Canadians are well-equipped and resilient to face the effects of Climate change.

GIF Targets: 13.1 Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries

Results achieved: 

Indicator result:

n/a

Notes:

The process to update the Business Continuity Plan (BCP) was initiated in 2022–2023. The impact of climate risk continues to shape the development of the BCP, including the integration of common strategies for all sectors of the organization.