Canada 150 and financial literacy
June 29, 2017
By Jane Rooney, Financial Literacy Leader
As we celebrate Canada’s 150th birthday this year, I’m thinking about the history and evolution of financial services in Canada.
The Bank of Canada was formally created in 1934 to "promote the economic and financial well-being of Canada” and to ensure a safe, sound financial system. In the decades since, Canada has developed one of the most robust financial systems in the world. However, it is a quickly evolving marketplace, and financial consumers face a challenge as services and products become more complex. People are making decisions more quickly than ever before using digital technology and smart phones. This is particularly true for Millennials, who are now the biggest generation in the workplace.
At the same time, the onus has shifted to individuals to manage a lot of their finances and plan for retirement, at a time when the population is aging.
For all these reasons, financial literacy is more important than ever. We need to empower Canadians with the knowledge, skills and confidence to manage their finances well. This will help them achieve their financial goals and lead to financial well-being.
Financial literacy isn’t a one-time proposition. It’s a critical life skill at every stage of life, from childhood, to adulthood and into the retirement years. At FCAC we’ve learned that educators need to meet Canadians where they are – in school, in the workplace and in the community, as well as at critical life stages like going to college or university, buying a house, having a family or retiring.
We’ve developed a series of financial tips - 150 Tips in 150 Days - to help mark Canada’s sesquicentennial year. Our goal is to empower all Canadians with the knowledge, skills and confidence they need to manage their finances well and achieve their financial goals. You can find them on Twitter (@FCACan) and Facebook or follow the #150MoneyTips hashtag and join the conversation. Please feel free to share our tips and even add some of your own!
As the name suggests, these tips are rolling every day for 150 days, and will carry us all the way to November’s Financial Literacy Month. This year we will kick off the month with our triennial financial literacy conference in Montreal. We hope to see you there!
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