Task Force on Financial Literacy

In the 2009 budget, the Minister of Finance, Jim Flaherty, announced his intention to establish a national task force dedicated to the issue of financial literacy. Appointed in June 2009, the Task Force on Financial Literacy was comprised of 13 members, drawn from the business and education sectors, community organizations and academi. Click here to visit their website for more information.

The Task Force on Financial Literacy was tasked with providing advice and recommendations to the Minister of Finance on a national strategy to strengthen the financial literacy of Canadians. This strategy outlines the following:

• the overall objectives, as well as a focused, concrete plan of action for strengthening the financial literacy of various segments of the population;
• ways to leverage existing resources to enhance financial literacy in Canada;
• the best means of promoting financial literacy in Canada;
• a framework for collaboration among all stakeholders, including government organizations at all levels, which would maximize financial literacy efforts in Canada and reduce duplication;
• ways in which the different stakeholders should collaborate to advance the state of financial literacy research in Canada; and,
• methods of assessing the progress made in implementing a national strategy, including identifying appropriate timelines and milestones for achievement.

The Task Force drew on global “best practices” and built on the strengths of successful initiatives that are already in place, in Canada. The Task Force submitted its final report at the end of 2010, which recommends to the Minister of Finance a national strategy on financial literacy. The Task Force made its report available to the public.