Infographic: What we heard ‒ Consultations on the renewal of the National Strategy for Financial Literacy
Text version - What We Heard: Shaping a new national strategy for financial literacy
What We Heard
Consultations on the renewal of the National Strategy for Financial Literacy
Financial Literacy Ecosystem
Key changes within the financial literacy ecosystem are needed to help reach and engage more Canadians, in particular people facing the most challenges due to barriers or circumstances.
- Communicate in ways people understand
- Target financial literacy initiatives through a diversity lens
- Create a more accessible fi¬nancial service system
- Digital tools should promote, not impede, ¬financial literacy
- Apply behavioural insights and "nudging" approaches
- Enhance access to trustworthy and affordable financial help, remove stigma, and normalize financial conversations
- Strengthen consumer protection measures
Consumers and their finances
Build financial resilience
We need to do more to help Canadians build the financial literacy and behaviours that will
lead to financial resilience.
Correct unfounded assumptions about poor financial health
Understand that low financial literacy or poor financial outcomes are more often due to
circumstances that are beyond a person's control.
Research and Collaboration
More partnerships are needed to build capacity, increase research and evaluation, and scale up financial literacy initiatives that have been proven to be effective.
- Expand and share research to support stakeholder efforts
- Maximize use of best practices through increased collaboration
Make changes to the financial literacy ecosystem for the benefit of Canadian consumers.Footnote 1
Create a more accessible, inclusive and effective support system to help Canadians achieve financial resilience.
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