Financial literacy program (transition binder 2019)

Financial literacy program at a glance

FCAC role: Financial literacy and consumer education

Financial literacy & stakeholder engagement division

Partnership and stakeholder engagement team key responsibilities

Financial literacy team key responsibilities

Education, research & policy division

Consumer education team key responsibilities

Research and policy team key responsibilities

Priorities for 2019-2020

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Financial Literacy Leader Act repealed and in its place, strengthening the financial literacy of Canadians is embedded into the FCAC Act.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

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:

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:

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:

Key project/Initiative

Engage financial literacy networks and stakeholders

Deliverables
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

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