Make it count: Consultations on renewing the National Strategy for Financial Literacy

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November 26, 2020

By Dr. Supriya Syal, Deputy Commissioner of Research, Policy and Education

November is Financial Literacy Month in Canada and, as part of this year’s activities, I want to invite all people in Canada to contribute to the renewal of our National Financial Literacy Strategy through our online consultations. This is a unique opportunity to have a say in how we continue to create a country where financial knowledge, skills and confidence are strengthened, valued and supported. 

We are living through a world-wide pandemic that has had far reaching consequences on our health and well-being. In these uncertain times, we must redouble our efforts to help everyone in Canada understand and manage their finances. 

We know that taking small steps can make a big difference to many things in life, including improving your financial health. Indeed, our evidence-based research clearly demonstrates that personal financial habits contribute directly to an individual’s overall financial well-being. When people are able to invest in strengthening their financial literacy, they feel better about their finances, and the benefits are both immediate and far-reaching.

In addition to helping all people(s) in Canada build financial literacy and financial resilience, it is my hope that our renewed strategy will underscore two important goals:

  1. Addressing unmet needs and gaps – For example, we need to do more to break down barriers to access and create evidence-based programs and initiatives that speak to the need of Indigenous Peoples, people of colour, seniors, and women in Canada. 
  2. Reflecting evolving trends that transform people’s lives – For example, the increasing digitalization of financial products and services means that financial literacy/access and digital literacy/access have become deeply intertwined. As such, accelerating progress on one frontier in a fulsome way cannot be achieved without also attending to the other.   

As the Financial Consumer Agency of Canada’s new Deputy Commissioner of Research, Policy and Education, I look forward to hearing your ideas and insights on these goals, and other areas of work that our renewed National Strategy for Financial Literacy in Canada should focus on in order to drive measurable outcomes for people all over our beautiful nation. 

We have a good foundation to build on. Our first National Strategy for Financial Literacy (2015-2020) successfully rallied  the efforts of public, private and non-profit sectors, as well as thousands of individuals such as yourself. As outlined in our Progress Report, there are countless examples of effective collaboration and information-sharing, community engagement, and tailored programs for Canadians.

Strengthening the financial literacy of Canadians is also a shared responsibility. Our mission will not be realized without the combined efforts of individuals, families, governments, educators, financial services providers, employers, labour organizations, businesses and voluntary organizations. All these voices – your voices – need to be part of the conversation. 

So, please visit our online consultations website and provide your input by January 29, 2021, to help shape the future of financial literacy in Canada.

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