Q. Tell us about your role as Financial Literacy Leader in Canada, what that means and what you hope to achieve? Q.
As Financial Literacy Leader, my mandate is to engage, collaborate and coordinate activities with stakeholders from the public, private and non-profit sectors, including academics and educational institutions, in order to support and contribute to initiatives that strengthen the financial literacy of Canadians. I am doing so by concentrating efforts in the areas of:
- managing money and debt wisely
- planning and saving for the future; and
- preventing and protecting against fraud and financial abuse
Q. As you know, November is Financial Literacy Month. What does this mean to you? How should Canadians celebrate?
Building financial literacy in Canada depends on the involvement and coordinated efforts of the public, private and non-profit sectors. Financial Literacy Month (FLM) is the perfect opportunity to raise awareness among Canadians and stakeholders about the importance of financial literacy in strengthening an individual’s financial well-being.
In its fifth year, I am impressed and excited with the momentum the month is gaining. My message to Canadians this FLM is to count themselves in and get involved by taking the self-assessment quiz, browsing through the CFLD, and pass on at least one financial resource or source of financial information to someone who might benefit from your experience or knowledge. And, join the conversation on social media by using the #FLM2015 and #CountMeInCA hashtags.
Q. When do you think it is important for Canadians to start really learning about financial literacy?
It is never too early to start learning (or teaching kids) about money. Learning even the basics can position kids to:
- make good decisions about spending
- save for the future
- practice good financial habits that will last a lifetime; and
- be financially responsible when they transition into adulthood
FCAC’s Teaching Children About Money Life Event speaks to some financial concepts you can discuss with kids at different ages.
Q. What are some ways that organizations and individuals can help to improve financial well being among Canadians?
Financial literacy can be integrated in various everyday scenarios. For instance, organizations working in financial services can deliver workshops to Canadians on how to shop around for a bank account, to manage debt or to use credit wisely. Employers can integrate financial literacy concepts including planning for retirement as part of lunch and learn sessions. Teachers can use the various tools and resources that are out there to integrate the basics of money management like budgeting into their teachings. Individual Canadians can take action by searching online, attending a workshop or connecting with a financial professional to ask questions and increase their knowledge of a financial concept they want to enhance.
FCAC’s resources can be a great starting point. For example:
- The City targeted to youth
- Financial Basics targeted to young adults
- Your Financial Toolkit targeted to adults
- Canadian Financial Literacy Database (CFLD) a one-stop source of resources, events, interactive tools and information offered by financial education providers, including the public, private and non‑for‑profit sectors across Canada
Q. What is your advice for members of the baby boomer generation, who are looking ahead to retiring in the next five to ten years?
Canadians are living longer and facing a greater responsibility today to fund their retirement. Saving and building a “retirement nest egg” for the future is becoming more important and can depend on such factors as age, income level, education, health, and personal and family circumstances. As retirement planning may be a complicated process, you may want to consult a financial professional who specializes in retirement planning. Other resources or tools include:
- FCAC’s Planning your retirement Life Event
- FCAC’s Living in retirement Life Event
- Canadian Financial Literacy Database
Q. What about those Canadians with low literacy skills? How can we support these populations to ensure they are equipped with the tools they need for financial success?
People learn in different ways, so various approaches are necessary to engage and encourage them to take action. Developing and promoting resources that use appealing and interactive formats that are dynamic and fun, including video and web-based platforms and applications, is essential to address diverse information needs and interests. Simplifying materials and using plain language make information easier for Canadians to absorb. Based on this understanding, my office is working with financial literacy networks and organizations across the country who are focused on helping people with lower literacy skills as well as Canadians in general.
Q. What tools and resources does the government have to help individuals and organizations improve their financial literacy?
The FCAC has a number of tools and resources designed to help consumers make sense of many financial services and products:
The CFLD can help connect consumers with information on budgeting, saving, investing, fraud prevention and more. Organizations can also include an event or a funding program within the CFLD via the resource database input tool.
