Check against delivery.
June 9, 2015
Toronto, Ontario
Thank you Minister Sorenson, Pat [Foran, MC], members of the steering committee, ladies and gentlemen:
I am indeed proud that, after so much hard work by so many, we are launching our National Strategy for Financial Literacy—Count me in, Canada.
National Strategy for Financial Literacy—Count me in, Canada
The strategy sets our direction going forward. It’s meant to rally organizations that support financial literacy around our common goals. It’s a call to action for every Canadian to make financial literacy a matter of lifelong learning.
The strategy will guide our combined efforts. It’s a plan that is inclusive, relevant and accessible to all Canadians. It recognizes their diverse experiences and circumstances.
Count me in, Canada is the product of consensus: a consensus that reflects the strong support, goodwill and generous contributions of many individuals and organizations.
A solid foundation
As Minister Sorenson pointed out, we started with a solid foundation.
We drew on the wise counsel provided by the National Steering Committee on Financial Literacy.
We relied on research. From the results of the 2009 and the 2014 Canadian Financial Capability Surveys, we determined the financial literacy levels of Canadians. We also determined the gaps in their knowledge.
And we crossed the country to consult with Canadians of different backgrounds and organizations from the private, public and not-for-profit sectors.
The ideas and concerns they expressed are woven into the strategy’s fabric.
Vision and goals
From first step to last, the vision that drove all of our efforts was to strengthen the financial well-being of Canadians and their families.
The strategy will help Canadians gain the skills that will empower them to tackle the financial challenges they encounter.
It will direct our efforts for years to come, based on three goals empowering Canadians to:
- first, manage money and debt wisely.
- second, plan and save for the future.
- third, protect themselves from, and to help prevent financial fraud and financial abuse.
Managing money is a part of everyday life. Canadians need to know how to budget, track expenses, pay bills and make spending decisions based on their needs and priorities.
These skills equip people to live within their means and remain in the driver’s seat of their financial lives.
Planning and saving for the future allows people to achieve their goals. An essential element of this is knowing how to choose the right financial products and services to suit their needs.
It could be a short-term goal like buying a new mobile device or a ticket to a show. Or long-term, like saving for your kids’ education or for retirement.
Canadians work hard for their money. So we want to help them learn how to protect themselves from financial abuse and fraud. They need to be aware of scams and know where to go for help if they fall victim to abuse.
Together the strategy’s three goals aim to strengthen Canadians’ financial literacy. Our success will require a concerted effort from all sectors including governments, educators, financial service providers, employers and non-profit organizations, as well as individuals and families.
Priorities
So, we have set three priorities that will help us achieve our goals:
- collaborating and sharing;
- tailoring programs and using plain language; and
- reaching and engaging Canadians.
As Financial Literacy Leader, I will continue to help organizations across sectors to forge partnerships. Efforts will be coordinated and resources shared.
People learn in different ways, they have different needs and interests. I encourage everyone involved in implementing the strategy to meet those needs by tailoring programs, simplifying documents, communicating clearly, and making financial literacy fun.
Canadians are at the heart of the strategy. It’s important that financial literacy is easily integrated into their daily lives. So we aim to reach people where they are already.
For example, courses that fit into community programs, or workshops and seminars offered in the workplace.
People are more receptive to financial literacy when they need it. So we aim to engage Canadians at points in their lives when they are likely to make major financial decisions. Like setting up a savings fund for a child or buying a home.
Who’s responsible
The strategy, its goals and priorities are ambitious. I am fortunate to have a strong support network in place to help me implement it.
The national steering committee members will continue to act as strategy champions within the industries and organizations they represent.
Many organizations are already active in promoting financial literacy in Canada.
Over the past year, I have been impressed by their work. Many have joined networks and partnerships to share their resources and knowledge as widely as possible.
Educational institutions have set up workshops and courses to raise the financial literacy of their students.
Companies are taking similar steps to help their employees.
Financial institutions and associations are working together to address challenges specific to certain groups of Canadians, such as seniors.
Community-based organizations are also leading many initiatives at the grass roots level.
We will continue to work with them and encourage others to join in.
Can we count YOU in?
The steering committee and many other stakeholders, I’m proud to say, are already creating new and dynamic initiatives, which you can see on the supporters page. You can find it at fcac.gc.ca/CountMeInCA
Count me in, Canada will help us consolidate and build on all of the existing expertise, experience and resources.
We’re also making a special appeal to individual Canadians to join the conversation on social media with the hashtag #CountMeInCA.
Conclusion
Improving the financial literacy and the financial well-being of Canadians will take some time. We are seeking long-term change, and the effort will be worth it.
What will success look like? Canadians will be better informed and more confident in dealing with financial matters. They will be better equipped to make decisions in a rapidly changing and complex financial landscape. Their financial well-being will be more secure and our economy will be stronger.
Before I conclude, I would like to pause and say thank you to everyone who helped us get to this point.
I am so inspired by the work people are doing, from the grassroots level to the executive boardrooms, to help and support their fellow citizens.
I am equally inspired by the determination of Canadians to build their financial literacy skills.
Please “count yourself in” and join me as we implement the strategy.
Thank you.