The National Research Plan for Financial Literacy 2016-2018

April 26, 2017

By Jane Rooney, Canada's Financial Literacy Leader

Research is central to the work of the Financial Consumer Agency of Canada (FCAC). It helps to identify gaps in financial literacy levels across the country and to pinpoint where FCAC and its partners should direct their resources to help strengthen Canadians’ financial knowledge, skills, and confidence.

As a data-driven agency, FCAC’s financial literacy programs, online tools and resources, consumer information campaigns, and outreach to stakeholders are all based on evidence.

We recently developed a National Research Plan for Financial Literacy 2016-2018, which I am very excited about.

This plan acts as a clear road map for the broad network of researchers in the field of financial literacy who are developing innovative new research projects. These projects will further our evidence base and help us help consumers with the following priorities:

  • paying down household debt;
  • budgeting;
  • building savings; and,
  • understanding the increasing complexity of financial products and services

The plan was developed by our 15-member sub-committee of research experts to ensure that the National Steering Committee on Financial Literacy has the necessary evidence to successfully implement the National Strategy for Financial Literacy – Count me in, Canada.

The National Strategy is a framework to engage public, private and non-profit sectors to strengthen the financial literacy of Canadians and empower them to:

  • manage their money and debt wisely;
  • plan and save for their future; and
  • prevent and protect themselves against fraud and financial abuse.

FCAC hosted a National Research Symposium on Financial Literacy in Moncton, NB during Financial Literacy Month. The theme was The Path Towards Smarter, More Targeted and More Effective Financial Literacy. The event showcased the growing body of work by researchers in Canada and internationally to advance our collective base of evidence in the field of financial literacy.

Over the course of the next month, I will be posting weekly blogs to highlight the recent research that FCAC, the research sub-committee members and other key stakeholders have done to further the plan and its key priorities. My upcoming blog will look at an innovative new mobile app that’s helping Canadians to start budgeting.

So stay tuned!

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