Financial literacy program (transition binder 2019)

Financial literacy program at a glance

• Providing consumers with the necessary information through content, resources, programs and interactive tools to help them develop financial literacy skills is an important complement to FCAC’s supervision framework
• Through this program, we seek to strengthen the financial knowledge, skills and confidence of Canadians to enhance their ability to make responsible financial decisions
• To accomplish this, we lead the implementation of the National Strategy for Financial Literacy by:
  • Mobilizing and engaging stakeholders from all sectors across Canada
  • Developing tools, information and educational material to help Canadians make better financial decisions
  • Organizing key initiatives to advance and promote financial literacy
  • Conducting research and evaluation to understand the landscape and feed policy discussions

FCAC role: Financial literacy and consumer education

• To promote consumer awareness about:
  • The obligations of financial institutions and external complaints bodies under applicable consumer provisions
  • All matters related to protecting consumers of financial products and services
• To foster consumer understanding of financial services and related issues, in co-operation with government bodies, financial institutions, consumer groups and other organizations
• To monitor and evaluate trends and emerging issues that may have an impact on consumers of financial products and services
• To collaborate and coordinate FCAC activities with stakeholders to contribute to and support initiatives to strengthen the financial literacy of Canadians

Financial literacy & stakeholder engagement division

• Jérémie Ryan, Director, Financial Literacy & Stakeholder Engagement
  • Émilie René, Manager, Partnership and Stakeholder Engagement (RE-06)
  • Maria Vranas, Manager, Financial Literacy (RE-06)

Partnership and stakeholder engagement team key responsibilities

• Mobilizing and engaging stakeholders from all sectors, including financial literacy networks, to advance financial literacy in Canada
• Overseeing/reporting on National Strategy for Financial Literacy
• Managing committees and working groups
• Undertaking proactive outreach activities aligned with priorities
• Handling external requests from stakeholders
• Participating at events and meetings
• Monitoring and building intelligence on stakeholders’ activities 

Financial literacy team key responsibilities

• FCAC’s educational programs
• Canadian Financial Literacy Database
• Financial Literacy Month
• National Conference on Financial Literacy (hosted every 3 years)
• Pilot projects – Indigenous, workplace, post-secondary students, etc.

Education, research & policy division

• Vacant, Director, Education, Research and Policy
  • Michael Olson (acting) / Véronique Milot (substantive), Manager, Consumer Education (RE-06)
  • Steve Trites, Manager, Research and Policy (RE-06)

Consumer education team key responsibilities

• Providing objective and relevant information/tools to help consumers understand and shop for financial products and services
• Managing web content and online tools
• Contributing to policy-related initiatives

Research and policy team key responsibilities

• Monitoring and evaluating trends and emerging issues related to financial well-being
• Analyzing data to identify key priority areas of research and policy focus and modifiable predictors of financial well-being
• Identifying and making recommendations for policy and programs based on empirical evidence
• Representing Canada in international financial education policy fora

Priorities for 2019-2020

• Develop and enhance educational resources aimed at strengthening the financial well-being of Canadians
• Promote the delivery of financial literacy to targeted audiences via defined channels
• Conduct research on matters related to financial literacy, financial decision making and financial well-being as well as financial consumer protection to support government programming and policy development
• Work with stakeholders to strengthen the financial literacy of Canadians
• Conduct a review of the Financial Literacy Program informed by:
  • Analysis of latest Canadian Financial Capability Survey (CFCS) results
  • Analysis of Summative Evaluation early findings
  • Progress report on National Strategy for Financial Literacy

Annexes

Annex 1: FCAC’s financial literacy journey

2001

FCAC established with dual mandate to strengthen oversight of consumer issues and expand consumer education in the financial sector.

2005

FCAC co-hosted first-ever national conference on ways to improve financial capability, which would become a recurring event every three years. It is one of the largest gatherings of its kind in Canada.

2007

FCAC’s mandate expanded to include developing financial literacy programs for youth. In subsequent years, the Agency was also tasked with developing financial literacy programs for all Canadians.

2009

Minister of Finance established Canada’s Task Force on Financial Literacy to create a national strategy. The Task Force presented its report in 2011 and among its recommendations called for the appointment of a Financial Literacy Leader.

2010

FCAC received Public Service Award of Excellence for its national financial skills resource for youth (entitled “The City”), created in partnership with BC Securities Commission.

2011

FCAC’s mandate expanded to include conducting research to provide insights to the government on financial consumer trends and emerging issues.

Financial Literacy Month launched in collaboration with partners across Canada.

2013

Financial Literacy Leader Act received Royal Assent, providing for the appointment of a Financial Literacy Leader within FCAC (reporting to the Commissioner) to strengthen the financial literacy of Canadians.

2014

Financial Literacy Leader appointed and National Steering Committee on Financial Literacy formed.

2015

National Strategy for Financial Strategy–Count me in, Canada launched.

2018

Financial Literacy Leader Act repealed and in its place, strengthening the financial literacy of Canadians is embedded into the FCAC Act.

Annex 2: 2019-2020 Key initiatives

Priority 1: Developing and enhancing educational resources

Key project/Initiative

Educational programs, resources and tools

Deliverables

• Launch an enhanced online budget tool (Budget Planner)
• New and enhanced web content (e.g., mortgages, credit report/score, seniors-related content, budgeting)
• Indigenous Program pilot project – delivery and evaluation
• Educational program for youth business case
• CFLD business case
• Options analysis for enhancements to mortgage tools

Priority 2: Delivering financial literacy to targeted audiences

Key project/Initiative

Financial literacy in the workplace

Deliverables

Develop and implement a work plan for fiscal year activities to bring financial literacy in the workplace. This includes:

• resource development and maintenance
• outreach activities
• research

Key project/Initiative

Financial literacy for Indigenous Peoples

Deliverables

Develop and implement a work plan for fiscal year activities to improve financial literacy of Indigenous people. This includes:

• resource development
• outreach activities
• research
• managing a working group

Priority 3: Conducting research

Key project/Initiative

Canadian Financial Capability Survey 2019

Deliverables

Field, analyze and report on data

Key project/Initiative

OECD Programme for International Student Assessment (PISA) Financial Literacy Assessment

Deliverables

In collaboration with FPT partners, analyze and report on the Canadian dataset and contribute to the international reporting coordinated by the OECD

Key project/Initiative

Debt management interventions

Deliverables

Develop and field interventions aimed at encouraging Canadians to effectively manage their debt, and analyse and report on the findings

Key project/Initiative

Financial Well-being Survey

Deliverables

Analyze and report on data

Key project/Initiative

Longer-term mortgages

Deliverables

Conduct public opinion research

Collect, analyze and report on data in collaboration with the Bank of Canada and other Senior Advisory Committee (SAC) partners

Key project/Initiative

National Research Plan for Financial Literacy

Deliverables

Review and update the National Research Plan for Financial Literacy in collaboration with the Research Committee

Priority 4: Engaging stakeholders

Key project/Initiative

Manage committees and working groups

Deliverables

Manage liaison, meetings and activities of:

• Interdepartmental Committee on Financial Literacy
• Financial Literacy Working Group for Indigenous People
• Research Committee

Key project/Initiative

Engage financial literacy networks and stakeholders

Deliverables

• Quarterly liaison with 18 networks
• Produce and issue quarterly bulletin
• Organize two meetings for the FL networks (one face-to-face and one call)
• Proactive outreach activities
• Strategic management of stakeholder requests

Key project/Initiative

Coordinate Financial Literacy Month 2019

Deliverables

FLM 2019 strategy

FLM 2019 executive summary and visual

Key project/Initiative

Implementation of the National Strategy for Financial Literacy

Deliverables

Lead stakeholders to advance the Strategy

Develop progress report on the implementation of the Strategy

Track progress of the National Seniors Strategy (for financial literacy)

Key project/Initiative

OECD International Network on Financial Education (INFE)

Deliverables

Continue to represent Canada on this committee