National Strategy for Financial Literacy — Development and Consultations

From: Financial Consumer Agency of Canada

To inform the development of the national strategy for financial literacy, the Financial Literacy Leader held three series of consultations with Canadians.

Phase 1: Strengthening seniors’ financial literacy

In June 2014, the Financial Literacy Leader invited comments on a proposed blueprint to strengthen seniors’ financial literacy. After a comprehensive consultation process, FCAC published Strengthening Seniors’ Financial Literacy. This followed up on two commitments by the Government of Canada in the Economic Action Plan 2013. In the plan, the Government said that it would work with partners to improve financial literacy among seniors, and that it would implement a financial literacy strategy that responds to their specific needs. 

Phase 2: Strengthening the financial literacy of priority groups 

The Financial Literacy Leader invited comments on questions raised in the consultation paper on the financial literacy needs of priority groups, including low-income Canadians, Aboriginal peoples, people living with disabilities and newcomers. Consultations were held in October 2014. The Financial Literacy Leader met with a broad range of organizations in the public, private and non-profit sectors to identify the unique challenges of these groups, share best practices and find solutions tailored to their diverse needs.

Phase 3: Strengthening the financial literacy of young and adult Canadians 

In November 2014, a final phase of consultations focused on children, youth and adults, to gain insight into how they could benefit from strengthening their financial literacy. The Financial Literacy Leader invited discussion and comments on the consultation paper and ways to bolster financial literacy for young and adult Canadians. Stakeholders from the public, private and non-profit sectors also took part in face-to-face sessions with the Financial Literacy Leader.

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