Moving Forward with

Financial Literacy
Synthesis Report on Reaching Higher:
Canadian Conference on Financial Literacy

Hosted by:

Held in Montreal, Canada
September 9 and 10, 2008

Reaching Higher : Canadian Conference on Financial Literacy

Contents
CONFERENCE HOSTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ii
CONFERENCE SPONSORS AND COLLABORATORS . . . . . . . . . . . . . . . . . . . . . . . iii
EXECUTIVE SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iv
BACKGROUND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
EFFECTIVENESS TO DATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Measuring Canadians’ financial literacy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Canadian baseline survey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
LESSONS LEARNED IN CANADA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Integrating financial literacy into the education system . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Working through community organizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Adapting delivery modes to the target market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Offering more than just product education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Gaps in achieving a more financially literate Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
LESSONS FROM OTHER COUNTRIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Summary of national strategy components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
THE WAY FORWARD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Creating a Canadian national strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Creating multi-sector par tnerships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
CONCLUSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
COFERENCE PROGRAM SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Unless otherwise noted, all references are to remarks made at the 2008 Canadian Conference on
Financial Literacy.

Prepared by: Caroline Munshaw, SEDI

Moving Forward with Financial Literacy
Synthesis Report on Reaching Higher : Canadian Conference on Financial Literacy
i

and recommendations contained in this report are those of the presenters and not necessarily those of the hosts. In 2008. the federal government increase their financial literacy. In 2005. The Forum includes representatives from the Canadian Insurance Services Regulatory Organizations. governments and not-for-profit symposium on financial literacy. Views. SEDI for financial literacy. asset building consumer information and Web-based tools and entrepreneurship initiatives. ii . provided $3 million over two years to FCAC for the development of a national financial literacy strategy aimed at youth. In the Joint Forum of Financial following year’s budget. and expand education and consumer with businesses. Conference Hosts Social and Enterprise Development Innovations Financial Consumer Agency of Canada Social and Enterprise Development Innovations (SEDI) is a non-profit organization that Canada’s federal government established the develops and uses innovative approaches Financial Consumer Agency of Canada (FCAC) to help low-income Canadians become self- in 2001 to strengthen oversight of consumer sufficient. FCAC joined created the Canadian Centre for Financial with Social and Enterprise Development Literacy. The Forum brings pension. governments and more than awareness of financial services and products. organizations. the government Market Regulators decided to allocate $2 million to FCAC on an ongoing basis to further strengthen The Joint Forum of Financial Market financial literacy in Canada. a unique venture that brings together Innovations to host the first national businesses. SEDI has worked issues. the Canadian Securities Administrators and the Canadian Association of Pension Supervisory Authorities. The aim of the Centre is to create opportunities for lower-income Canadians to In its 2007 budget. securities and insurance regulators together to coordinate. Regulators was founded in 1999 by three organizations: the Canadian Council of Insurance Regulators. ideas. 800 non-profit organizations across Canada in Reaching Higher : Canadian Conference on Financial Literacy FCAC has been a leader in developing the areas of financial literacy. harmonize and streamline the regulation of financial products and services in Canada. For over 20 years.

Conference Sponsors and Collaborators Financial Consumer Agence de la consommation Agency of Canada en matière financière du Canada Human Resources and Ressources humaines et Social Development Canada Développement social Canada Moving Forward with Financial Literacy Synthesis Report on Reaching Higher : Canadian Conference on Financial Literacy iii .

A 2009 national baseline making individuals’ responsibility for their survey seeks to measure the financial literacy of economic future more weighty. current global financial crisis has added to the Without a study. Financial literacy initiatives aim to increase Lessons learned in Canada. The results underline the need for sector more skilfully and make better decisions increased support for Canadians so that they can with the resources at hand. and Higher was a follow-up to a 2005 symposium on provided suggestions for a framework to the same topic. has established a group to guide of Canada (FCAC). Reaching Higher: Lessons from other countries. increase the financial literacy of Canadians. Social and Enterprise development of its strategy. with the collaboration of gaining momentum around the world and the the Department of Finance Canada and FCAC. Executive Summary This report summarizes conference presentations in the following areas: Financial products are increasing in complexity. Partnerships to implement financial literacy initiatives would provide the needed reach. are delivered through community organizations. private and education. efficient Presenters also discussed the gaps in efforts to markets and growth. The hosts of the developed a national strategy for financial conference were the Financial Consumer Agency literacy. and the Joint national survey and is working in partnership Forum of Financial Market Regulators. Statistics Canada is conducting the accentuating the need for a financially literate survey on behalf of Human Resources and Social society. when they self-sufficiency and financial security. Presenters gave ideas on the public. it is difficult to measure the Reaching Higher : Canadian Conference on Financial Literacy momentum. from a well-educated labour force. The speakers noted that financial matters and make more informed financial literacy initiatives work when they are financial decisions. The with all sectors. New Zealand. At the same market and when the initiatives do more than time the Canadian economy will benefit educate consumers about financial products. This will have a positive impact on their when the delivery modes are adapted to the target personal financial situation. national impact of current programs. Effectiveness to date. achieve a more financially literate Canada. Reaching way to a more financially literate Canada. also hosted by FCAC and SEDI. Doing this would provide much-needed coordination of current efforts. These factors are Canadians. improve their financial well-being. On September 9 and 10. As Canadians receive financial from the efforts of the voluntary. Presenters discussed financial knowledge and change financial effective delivery lessons that have been learned behaviour. One proposal was to create a national strategy. iv . A number of individuals need knowledge and understanding organizations have conducted surveys on a so that they can navigate the financial services smaller scale. has conducted a Development Innovations (SEDI). event attracted over 260 representatives from the The way forward. Efforts to increase financial literacy are Development Canada. Canadian Conference on Financial Literacy was the United Kingdom and the United States held in Montréal to highlight the effectiveness of were among the countries represented at the current Canadian financial literacy efforts and to conference. 2008. become more confident about government sectors. they will gain in integrated into the education system. Especially when times are tough. financial and voluntary sectors. Each of these three countries has examine international strategies.

It is now widely acknowledged that financial literacy matters. important step in developing policies to nurture and strengthen financial literacy throughout the three sectors. is “financial capability. The first Canadian symposium ■■ highlight international examples of on the topic was hosted by the Financial effective financial literacy strategies. to host Reaching Various terms are used to describe the process Higher: Canadian Conference on Financial of acquiring financial skills. the event attracted over 200 ■■ private. The symposium was an of Canadians. Under the title Canadians highlight innovative solutions and what the and Their Money. the government further decided to Canada and around the world. It contributed to the Canadian government’s decision. Commissioner. to consumers’ acquisition of knowledge. Moving Forward with Financial Literacy Synthesis Report on Reaching Higher : Canadian Conference on Financial Literacy 1 . the their financial life skills. this time with the Joint Forum of Financial Market Regulators. allocate $2 million to FCAC on an ongoing Canadians must acquire and enhance basis for the same purpose. In the following year’s budget. to provide $3 million over two years to “ Financial literacy is a critical issue that is FCAC for the purpose of building financial becoming increasingly important in literacy in Canada.” while the Organization The objectives of Reaching Higher were to: for Economic Cooperation and Development highlight why financial literacy matters to (OECD) uses “financial education. in the supply of financial literacy products and services. announced in its 2007 budget. voluntary and government sectors participants from the public. non-profit and are doing to increase the financial literacy business sectors. such as the Canadian Securities Administrators. Ursula Menke.” All refer ■■ Canadians. skills and confidence to properly manage their ■■ highlight key players and lessons learned personal finances. FCAC Other organizations in the public sector. as well as a number of members of the voluntary and financial services sectors have also invested in developing and implementing financial education programs and services throughout Canada. FCAC and SEDI joined forces.” In the United Kingdom it developing a more financially literate Canada. ” federal Minister of Finance declared financial literacy a priority and called it an essential skill.Background In September 2008. Canada and New Zealand momentum of the 2005 symposium to continue is “financial literacy. and June 2005 in Ottawa. Consumer Agency of Canada (FCAC). Social ■■ better understand knowledge gaps in the and Enterprise Development Innovations supply and demand of products and (SEDI) and the Policy Research Initiative in services. This built on the in the United States. In May 2008. The preferred term Literacy in Montréal.

and there were significant numbers of participants and speakers Reaching Higher : Canadian Conference on Financial Literacy from abroad. Quebec International Speakers from: Australia. the Certified General broad themes: Accountants Association of Canada. New Brunswick. The hosts believe that the conference met its objectives. 2008 Canadian Conference on Financial Literacy Total par ticipants: 261 International Par ticipants from: Australia. Ontario. Trinidad and Tobago Canadian provinces represented: Alberta. Newfoundland and Labrador. The three ■■ ideas for the way forward. British Columbia. The sold-out conference demonstrated the ■■ lessons from other countries. ■■ lessons learned in Canada. South Africa. New Zealand. Manitoba. Italy. Participation Details. India. sectors were evenly represented. the UK and the USA 2 . Human effectiveness of interventions to date. participants expressed satisfaction with the conference. Nova Scotia. and the Investor Education Fund. Resources and Social Development Canada ■■ (HRSDC). and growing importance of the field. Among the organizations funding the This report provides highlights from Conference were the Canada Deposit Insurance the conference presentations under four Corporation (CDIC). France. In their evaluations.

attitudes and behaviours of Credit Canada surveyed 4. they should about the products and services they use. The survey FCAC Commissioner Ursula Menke shared revealed the following: the following conclusions: ■■ 30% of Canadians feel they will not be able ■■ Although Canadians often feel that they are to retire at age 65. Conference ■■ For every $1. of the knowledge. A number of organizations represented at the conference ■■ From 1982 to 2001. Following are summaries of survey by 42% in Canada. Canadians’ high debt-to-income Organizations were invited to the conference ratio makes them vulnerable in tight economic to share lessons learned on the effectiveness conditions. Canada has commissioned several surveys comprehensive counselling. explore the need for a more financially literate population.16 in 2005. we need a it was 20%. forward to measure the reach of financial ■■ The personal savings rate in 2005 in literacy initiatives but the challenge is to Canada fell to less than zero. programs and services. In spring 2007. presenters agreed that it is relatively straight­ Canadians owed $1. confidential. for Economic Education presented a number of trends from Statistics Canada. Measuring Canadians’ financial literacy These demonstrate that Canadians could benefit from more information on financial management. they lack even the Moving Forward with Financial Literacy Synthesis Report on Reaching Higher : Canadian Conference on Financial Literacy 3 . These demonstrate that Canadians ■■ Canada’s debt-to-income ratio rose from would enjoy greater financial well-being 55% in 1983 to 105% in 2003. consumer debt have worked to measure Canadians’ financial increased by 152% and disposable income literacy. FCAC believes that financial literacy initiatives Organizations in all sectors acknowledge will help Canadians increase their financial the need for financial literacy training for skills. selected adult Canadians. understand the importance of applying consumers. as a result of an increase in their financial Credit Canada raises awareness of the literacy level and the behaviour changes importance of money management and credit that would ensue. ■■ their Registered Retirement Savings ■■ Many consumers do not know as much as Plans each year. the 53% of Canadians do not contribute to findings clearly indicate otherwise.487 randomly consumers of financial products and services. Rabbior noted the following: of programs. baseline for comparison. management by educating individuals and The Financial Consumer Agency of families and providing free.00 of disposable income. A growing number of Canadian those skills and make the kind of decisions financial institutions. In the 1980s measure their impact. provincial regulators and voluntary-sector organizations are providing financial literacy Gary Rabbior of the Canadian Foundation products.Effectiveness to Date basic financial knowledge necessary to make good decisions about their money. The ratio is one indication of the of financial literacy initiatives. government agencies. and discuss issues related to measuring program impact. factors that have contributed to the success Mr. findings. To do this. well informed about the financial world. In many cases. that will improve their financial well-being.

Lachance compared the results effectiveness. Government of Quebec’s Office de la protection RMIT University. Canadians need The findings underlined the importance of the knowledge and capacity to effectively investing in efforts to ensure that people manage their finances today so that they understand why they need to be more can plan and build a stronger future. as knowledge and use of credit. (Roslyn Russell. Australia) du consommateur. financially responsible. Credit Canada) underlined the need to encourage Canadians For the Canadian Securities Administrators to act on their beliefs. The findings also (Laurie Campbell. 96% of survey respondents agree that it is 80% of Canadians do not know their ■■ ■■ important to save for the future. Beaudoin and Study. and 4 . The aim was to discover what investors J. 88% believe it is important to have a Reaching Higher : Canadian Conference on Financial Literacy ■■ financial plan. credit score. Ms. in Canada. but there was no evidence that 75% in the number of credit cardholders. Following ■■ ■■ 27% in the number of credit cards in use. When evaluating program 18 to 29. 92% agree it is important to research before 86% of Canadians believe that more ■■ ■■ they invest. times of economic uncertainty. assessing young people’s do and do not know about investments. well as how they behave when investing. presented than they did five years ago but only 7% by Tamera Van Brunt of the Alberta think that it makes more sense to carry Securities Commission: a larger amount of debt now than five Beliefs years ago. presented the findings of this understanding the link between knowledge and survey of 980 French-speaking Quebecers aged behaviour change. change their behaviour (CSA). The Director of the Consumer Studies Program at survey results demonstrate the importance of Université Laval. research and second survey there were increases of: planning. the Innovative Research Group and take responsibility for managing their conducted two surveys on financial literacy. ■■ 92% feel that Canadians have more debt are highlights of the findings. Robitaille. each involving more than 5. own money. literacy training to help Canadians prepare for ■■ 58% do not have a financial plan. ■■ 49% don’t do any homework regarding These trends indicate a need for financial their investments. The comparison showed that The findings indicated that investors believed over the 10-year period between the first and in the importance of saving. ■■ 61% of Canadians do not have a financial advisor. measurement of both reach and with similar research conducted in 1994 by the behaviour change is crucial. Behaviour ■■ 52% of Canadians are not aware of any free ■■ One quarter of respondents have no savings credit or debt counselling services available for the future.000 Canadians: The Fondation Claude-Massé financed a the 2006 Investor Index and the 2007 Investor 2004 survey conducted by P. Canadians are in credit distress now than five years ago. Marie Lachance. this belief shaped their behaviour.

abilities and savings plans. the Downtown Eastside of Vancouver and a number of inner-city neighbourhoods Canada is about to join that short list. (Jerry Buckland. and had reasonable knowledge behaviour. this national survey will gather baseline data against The research interviews used both qualitative which we can measure the level of financial and quantitative methodologies: a financial literacy of Canadians. All surveys concluded that consumers financial literacy of Canadians living in three lack information about financial issues and low-income neighbourhoods: Parkdale in need financial education. He noted that the survey will gather about relevant government programs and data from Canadians in the 10 provinces only. (Marie Lachance. The results results once they are complete. Statistics Canada intends choices survey of 82 respondents and financial to process the data by fall 2009 and will release life histories of 20 respondents. Human Resources and Social financial literacy. Council of Canada. and a telephone coverage and a high proportion lack of detailed knowledge about financial of transient workers in the population. In early in Winnipeg. institutions’ policies. than were previous generations. Japan. which While various programs and services are identified the need for robust national data. Jerry Buckland of Menno Simons College Korea. widespread lack of attitudes about finances and life goals. They are not yet able to demonstrate of credit usage and a low income level. Involving over 20. Toronto.000 respondents. The constraints noted in The territories are not included because of financial literacy had to do with participants’ factors such as cost. Current The 2004 study concluded that the 18-to-29 age Canadian studies tend to measure program group was vulnerable because of a high level reach. the United Kingdom and the United in Winnipeg developed a survey to assess the States. Research Data Group for the development and Higher debt levels make today’s Canadians implementation of a national survey designed to Moving Forward with Financial Literacy Synthesis Report on Reaching Higher : Canadian Conference on Financial Literacy 5 . The Canadian baseline survey study revealed that courses and classes were the most important sources of information on According to a recent report produced by the the way young people manage their personal OECD Financial Education Project. the only finances. The behaviour change through examinations of researchers also concluded that the more program impact. the more responsible they were in using credit. knowledge young people had. available to help Canadians increase their In spring 2006. Research was funded by the 2009 Statistics Canada will undertake the Social Sciences and Humanities Research Canadian Survey of Financial Capability. Steve indicated that respondents were generally Arrowsmith of the agency’s Special Surveys financially literate and made rational decisions Division described the survey as designed to get about their family budgets and their credit and a sense of Canadians’ knowledge. banking services. Menno Simons College) The survey is an outcome of the 2005 symposium on financial literacy. Université Laval) countries that have conducted surveys of national financial literacy levels are Australia. survey results presented at the Development Canada submitted a funding conference indicate that Canadians’ choices are proposal to the federal government’s Policy not contributing to their financial well-being. ■■ 200% in the number of people having a line much more vulnerable to an economic downturn of credit.

The Statistics Canada survey will furnish key information for measuring the success of Reaching Higher : Canadian Conference on Financial Literacy existing programs nationwide. collect baseline data on the financial capability of Canadians. Statistics Canada 6 . financial behaviour. and how they relate to the ways in which consumers learn about financial management. Statistics Canada submitted a draft planning report to HRSDC and FCAC. but no commitment has yet been made to repeat it. The Statistics Canada survey is designed to be repeatable. “ The overarching goal of [the Canadian Survey of Financial Capability] is to illustrate the relationships between financial knowledge. limitations and costs of conducting such a survey. financial experiences. approaches. It will also provide the basis for undertaking further research and charting a strategic direction to encourage behaviour change. In fall 2006. ” Steve Arrowsmith. this assessed the feasibility. The Department of Finance Canada became an active partner in the project in summer 2007.

presenters discussed that requires the teaching of financial life skills their experience and shared the lessons they had in high school. Mundy cited three reasons for including had a financial plan. a Web-based national resource that financial decision-making throughout a builds on the success of Planning 10. Malaysia. OECD’s Financial Education Project. Increasingly. France. Commission developed Financial Life Skills for Planning 10. British Columbia is the only Canadian province During the conference. effectiveness of financial education programs The findings showed that a higher percentage in schools. Administrators. graduates who had not had the opportunity to the Netherlands. learned from implementing financial literacy At the conference. It has people to develop financial management skills been distributed to over 1. They included ■■ are integrated into the education system. the Financial Consumer Agency of Canada and the Canadian Securities ■■ adapt delivery modes to the target market. and The British Columbia Securities ■■ offer more than just product education. on-line financial life skills Moving Forward with Financial Literacy Synthesis Report on Reaching Higher : Canadian Conference on Financial Literacy 7 . SEDI). of 2007 graduates: Mr. New Zealand. The City person’s life. Many mentioned that financial implementing financial literacy initiatives for literacy programs are successful when they: students shared program results. felt well prepared for their financial future. Under the 60 British Columbia school districts. UK and the USA. the British Columbia Securities Commission ■■ work through community organizations. several organizations programs. The respondents included 2005 in Australia. this is a learning education system resource about the importance of financial life skills. Ireland. the Financial university. Currently. universities and colleges of students. consultant A survey of 318 high school graduates measured Shaun Mundy reviewed financial education the course’s impact on the financial well-being programs in schools. His report analyzes the and 2007 graduates who had taken the course. ■■ provided to all members of an age cohort. Consumer Agency of Canada has launched ■■ Financial literacy training can foster sound The City. financial education in the school curriculum: ■■ were saving money for school or Personal financial education can be ■■ long-term needs.400 teachers in all before entering the workforce. Canada.Lessons Learned A school curriculum that covers issues related to credit rating. The course was introduced in 2004 and Presenters agreed that it is important for young is part of a mandatory Grade 10 credit. (BCSC). financial implications of studying at In partnership with BCSC. choosing a cellphone contract or weighing the ■■ could recognize a financial scam. budgeting and planning for in Canada young people can provide financial education nationwide (Peter Nares. schoolchildren are making ■■ and ■■ financial decisions—for example. Designed for Grade Integrating financial literacy into the 10 students and teachers. the take the course when they were in Grade 10. is an interactive. Singapore.

the proportion went “ The best and most proactive strategy from 33% interested before participating to 62% interested after participating. Members of community organizations improve financial capability. In 2007. resource for teachers and students. through schools as well as those ■■ making training compulsory. SEDI “ Policy and educational decision-makers must be persuaded of the importance of Community organizations working directly with clients have discovered that financial training is providing financial literacy training to most effective when it is integrated with other students as part of an overall strategy to services. We also the education system depends on: have to consider the millions of youth ■■ having a trusted intermediary to facilitate and adults who cannot be reached training. ” incorporate financial literacy modules into other initiatives. after the conference. ” Peter Nares. and newcomer adults who will continue ■■ giving students an incentive to participate. The free Many teachers fear they lack the skills to teach resource engages youth by using a hands-on about financial literacy. Ainsley Cunningham of the (Peter Nares. provide practical invested in training teachers to make them feel skills and make financial concepts easy to more comfortable with the subject. Sometimes training through community organizations is the only way to create the incentives needed by 8 . organizations can build on current program results from 2006 and 2007. FCAC and BCSC have approach to facilitate learning. coming to Canada. By the end of received training on The City. they insurance. Working through community The Canadian Securities Administrators’ organizations Reaching Higher : Canadian Conference on Financial Literacy Investor Education Committee created a program in 2006 called the Financial Fitness Challenge. saving. they prepare a financial plan for after graduation. the program provides It is important to examine delivery methods free classroom activities designed to enrich that would efficiently reach all Canadians financial literacy. and investing. these show successful approaches to serve more people that in 2006 the proportion of students interested with increased offerings. Consultant business or employment training. credit and debt. such as workshops on starting a new Shaun Mundy. Students practise financial activities Reaching Higher participants were 25 teachers such as budgeting. the course. Among understand. SEDI). taxes. How do we reach people who are not in school? For teachers and students. to reach scale and secure the financial literacy of Canadians is to enable them Conference presenters agreed that successful integration of financial literacy initiatives into to learn about it in school. Rather than creating new Manitoba Securities Commission presented initiatives. from across Canada. in personal finance was just 26% before participating in the program but 57% after participating.

the program assists with entering banking service conditions than do people with the financial system and budgeting. “ It is vital for regulators to work collaboratively people with disabilities and their caregivers. In the Gatineau area of Quebec. Christopher House). ” Problem Solving (FAPS). developed a 10-week program. A growing number of service The Carrefour jeunesse emploi de l’Outaouais providers in other agencies. not all Canadians have the same constraints. through career coaching literacy. 2.and 16-year-olds. Christopher House has served immigrant families.000 young people have learned (Rick Eagan. Toronto’s St. This was the outcome of several anti-poverty projects. Christopher House) forced to set them aside because of financial Obviously. CJEO developed a program to plan for the future. with the various organizations that support In 2003 St. the program is income Canadians understand their clients’ now taught in schools to 15. People with low have not yet had their first employment incomes face very different income. and can tailor content and delivery to Students receive a full course credit in high meet those needs. for people living positive. It provides community economic development organization individualized service with follow-up. For guidance and knowledge Couples). participated in the program. St. older adults. working to combat poverty and increase the accompaniment. They may seek help only called L’École de l’argent (The Money School) in a financial crisis. the organization commercial financial service providers. over 2. low-income people to develop their financial adults aged 16 to 35. and socially isolated adults. The training is a word-of-mouth referrals. the “literacy lure” must be in 2005 after discovering that a number of young integrated into the service provided to them at people had projects. Community organizations serving low. including the (CJEO) is a community-based organization Canada Revenue Agency. (Rick Eagan. and advocacy social and economic vitality of low-income for income security programs as well as communities. needs. One of the middle-level incomes (Jerry Buckland. In 2007. referrals. St. FAPS provides Ursula Menke. In 1999. Menno workshops is L’argent en couple (Money for Simons College). Since 1912. children and youth. Designed for young people who financial literacy requirements. a 57% increase from 2004. school for participating.612 people component of SEED’s Asset Building Programs. Moving Forward with Financial Literacy Synthesis Report on Reaching Higher : Canadian Conference on Financial Literacy 9 . Money Community response to the program has been Management Training. ideas and goals but were that time. about basic personal finances through CJEO. SEED (Supporting Employment and FAPS responds to the information needs Economic Development) Winnipeg is a of low-income individuals. low-income people need a complex with money issues in their first relationship. consult with offering services to better the lives of young FAPS staff on situations facing their clients. policy and experience. Christopher House developed the same goals and deal directly with a program called Financial Advocacy and consumers at the grassroots level. as seen by the increasing number of in Winnipeg’s North End. knowledge set and financial services/supports To date. intended for young people dealing transfer. FCAC free guidance to low-income individuals on untangling complex financial situations so that they can make sound financial decisions. Some low-income households are and help for youth to get back to school or start merely subsisting and do not have the resources their first enterprise.

10 . Canadians are not a homogeneous Sonia Baxendale. CIBC group. Organizations understand that program made available through a partnership simply providing a brochure about a product or with Family Services of Greater Vancouver to service may be appropriate for some segments high schools and youth organizations. quantitative validation. ” Bruno Lévesque. helps adults on limited incomes medium would be. their needs and their constraints. If financial literacy is a critical Adapting delivery modes to the target set of life skills. Savings Credit Union (better known as Vancity) books. Money of the population but is less effective in Skills. Clients appreciate information to newcomers. the Vancouver City by Canadian organizations include Web sites. sets of individual interviews fee-free automated banking machines for credit (cognitive interviews and usability testing) and union members. education segments. build the skills to effectively manage money and plan for the future. choose a credit card. find formative testing. Dollar$ and $ense is a consultations. Announced in June receiving impartial advice. reach vulnerable consumers and to note their needs. The community 2008. This program people who are trusted by target groups is an involves a series of in-class seminars providing effective delivery strategy. CIBC provides training and support. face-to-face meetings. CIBC and the YMCA have joined forces to Provision of money management training by establish Access to Opportunity. workshops in has developed a number of programs to support the classroom or on-line. They have different literacy levels. consumer groups and CIBC. These differences must be acknowledged and incorporated into program delivery. The Home Ownership Developing programs that target specific Readiness course is offered by the Mennonite markets requires research and planning to Central Committee. Financial requirements. future. it provides information maximize effectiveness. read bank statements. then our goal should be market to ensure all Canadians have access to Effective strategies differ for different market adequate financial information. Access to Opportunity aims to help new organizations mentioned here understand their Canadians make informed decisions about their clients. languages and cultures. It includes a six-week job readiness training program that helps prepare new immigrants for potential employment with “ Trade unions. To succeed in reaching all Canadians. OECD “ Canada’s economic and social prosperity depends on the strength and skills of all Canadians. Current delivery modes used With community partners. and consolidate debt. and one-on-one financial literacy. Jeanne Hogarth of the US Literacy 101 offers practical sessions on how to Federal Reserve suggested using focus groups. ” organizations must use tools adapted to targeted markets. also offered by Family Services of triggering change than a more interactive Vancouver. and advice. NGOs are in the best position to Reaching Higher : Canadian Conference on Financial Literacy and commits to hire any qualifying candidates from the program. To help define program about buying and owning a home.

Education and the Virtual Advisor project to develop an on-line resource for community members and front-line workers.Organizations represented at the conference has given away 60. In 2008. It is crucial need is an interactive educational format. school. There are Offering more than just product 118 members of the group and all have visited education the Financial Fitness Challenge Web site. as for the low-income public. The people who promoting the benefits for all parties. Laurie Campbell of population. For the Canadian Securities Foundation for Economic Education survey Administrators Financial Fitness Challenge. Citibank Moving Forward with Financial Literacy Synthesis Report on Reaching Higher : Canadian Conference on Financial Literacy 11 . we must The most vulnerable people have the greatest do more than educate people about products: need for financial knowledge and may not we must educate them to adopt an attitude of have the confidence or skills to benefit from asking questions before they make choices information in a static format. Toronto Star) sustainable propositions. financial increase the opportunity to affect behaviour. people. confidence in their ability to effectively manage Books and brochures are helpful for the general their personal finances. Christopher House has worked extensively the relevant questions they should ask and how with the Canadian Foundation for Economic and where they should seek advice. What they (Ellen Roseman. The Canadian is technology. especially people with high literacy Credit Canada states that programs must rates or greater financial resources. could benefit most from tailored programs are showcasing success. Policy-makers and demonstrate the need for action on financial service experts analyze these issues to develop appropriate public education materials the part of the consumer. and developing those with low incomes. It uses major life events to bring home The key to reaching young people. Toronto Star). literacy initiatives can educate Canadians about St.000 copies of a book called suggested various delivery modes for a number The Citi Commonsense Money Guide for Real of target markets. family and friends. ” For consumers with various levels of literacy. as well meaning of financial capability education. Computer literacy also varies. books and the program through an e mail from a friend. (Ellen Roseman. for Canadians to do their own homework on A workshop or a face-to-face meeting will products and services. the need to save and invest. For financial education to be effective. for example. Financial literacy programs will have and programs cannot assume that everyone has deeper impact when consumers have greater access to a computer or the knowledge to use it. Cartoons may help to engage those with low literacy levels. However. Training must and training workshops for front-line workers include educating people about the in the community social services sector. publications. and newcomers to Canada. video or graphics. Viral marketing also works with young and the Internet. People. FSA organizations may use audio. Chris Pond. results show that people learn about financial 70% of students participants had learned about matters from newspapers. Financial Fitness Challenge started a Facebook site and group. It is based on common financial issues arising in direct service “ Financial Literacy initiatives must work with individuals.

We need to get it into the another £250 voucher on turning 7. If we are neighbourhoods. almost one third of the vouchers were left unclaimed. services. their children’s future. aware of existing government products that can 12 . Christopher to achieve our goals. Presenters’ be presented simply. working an initiative designed to help families build for within existing capacities. we must address these. House in Toronto developed a partnership with Royal Bank of Canada to provide enhanced Access gap deposit account services to participants in Most Canadian financial literacy efforts are low-income neighbourhoods. St. parents of every child can open an account for their child and the government “ Financial literacy is a hard economic deposits £250 into the account. They need guidance Canadians (Jerry Buckland. the child can withdraw the John Hope Bryant. The training could be than just product education is the low uptake of both individual and community-based. capacity and demand. Canadian financial to choose the type of account needed and institutions are addressing this issue by making therefore may lose potential earning. If parents opt out. On reaching age 18. British parents may know There is a tremendous need for relevant and about the product but may not understand accessible financial services for low-income how to benefit from it. with financial literacy explained that the majority of his clients are not training provided to consumers in schools. For example. For colleges and universities. Parents can mainstream. provide more than just information. in a way that they can proposals for Canada included promoting relate to and that connects with their emotions. (Jerry Buckland. it must workplace. Brian Smith of Carrefour British and New Zealand models have adopted jeunesse-emploi de Côte-des-Neiges a life stage approach. Not all Canadians ensuring that Canadians are aware of existing have access to financial literacy training. USA Uptake of the program has been slow: in the first year. President’s Council on Financial money and use it tax-free for any purpose. delivered through the education system or An important aspect of increasing access is community organizations. There are gaps also working to increase access in low-income in access. To have access to financial literacy government will open the account for the child. The programs. the College). Gaps in achieving a more financially Financial institutions are increasing outreach literate Canada to northern and rural areas by partnering with Aboriginal Canadians to provide on-reserve Canada has much work to do to become a ABMs and on-reserve housing loans. The child gets tool. Canadians must have access to the But in this case the parents lose the opportunity formal financial sector. branches more accessible and expanding their automated banking machine networks. from school through post-secondary Illustrating the importance of providing more education to employment. the community. Credit Canada) learning. financial literacy for citizens through lifelong (Laurie Campbell. ” invest the vouchers but cannot touch the capital. Banks are financially literate country. Literacy. Menno Simons and encouragement. the information to register with recipients. The UK government has Menno Simons College) developed a program called the Child Trust Reaching Higher : Canadian Conference on Financial Literacy Fund: At birth. and retirement settings.

a well as mis­understanding by the general public lack of resources or a lack of engagement with and plan members about the level of protection existing information. pension and securities regulators education institutions to develop curriculum to evaluate gaps or duplication in cross-sector and content designed to increase the financial consumer information and education. Anne-Marie Poitras of Quebec’s Autorité Demand gap des marchés financiers presented the survey results. Moving Forward with Financial Literacy Synthesis Report on Reaching Higher : Canadian Conference on Financial Literacy 13 . The lack of capacity in the Unlike middle. the Joint Forum of Financial also suggested that the voluntary sector could Market Regulators undertook a survey of work with post-secondary. those voluntary sector is a result of the lack of human with low incomes have access to a limited resources as well as limited funds. A total of 27 completed surveys were There is no shortage of high-quality resources received from pension. experience has shown this to be the best way to A number of organizations have the desire but educate consumers about fraud. While being more responsible. securities and insurance available to consumers with an active interest in regulators. Eagan In May 2006. Christopher House) system have provided training and support to teachers. to help modest-income families save for their without knowing the consequences of not child’s education beyond high school). Mr. Alberta of St.or high-income people. attitudes and confidence. outlining questions that pension change incentives. of St. Rick Eagan their behaviour (Tamera Van Brunt. Christopher House recommended that Securities Commission). low-income populations. taxes. (Rick Eagan. and financial services delivery more effective because facilitators and supports—often leads low-income people would have greater confidence and ability. In fact. for people to access available resources. (Peter Nares. with their comments. as lack of exposure to learning opportunities. combine education with warnings about the Capacity gap consequences. Rick Eagan range of financial services or options. All plan members should ask their pension sectors can work together to create incentives plan administrators. and to literacy of human services workers dealing with identify options for improving delivery. to focus not on maximizing returns but minimizing consequences. increased financial literacy training for workers limited discretion and the interplay of income in human services would make program security systems. SEDI) afforded by pension legislation. building their financial literacy. adult and continuing insurance.help shape their future. Regulators believed that more could be done to educate Gary Rabbior of the Canadian Foundation consumers in the area of pension plans—for for Economic Education believes we need to example. Bruno Lévesque government programs create design defaults of the OECD explained that programs must that build both assets and capacity. Lack of demand for consumer understanding of the role of financial literacy training can be a result of a government in regulating pension plans. lack the capacity to provide effective financial literacy training. He maintained that at the OECD. people will not change the access gap is being addressed. building their capacity. Organizations working through the education St. The challenge is to engage those not seeking to build their Pension regulators noted a lack of financial literacy skills. such as the Canada Creating incentives can include educating Learning Bond (a Government of Canada grant people about the consequences of not acting. Christopher House explained that a combination of factors—their limited choices.

critical illness and disability insurance. In addition to the comments received. ■■ Consumers have difficulty differentiating between the roles of the various regulators. ■■ Consumers lack knowledge of insurance terminology. much of the focus is on identity theft. Securities regulators indicated concern about the area of securities fraud. While a great deal of work is devoted to fraud and its prevention. Insurance regulators identified the need for more insurance information to help consumers compare the costs and services of insurance Reaching Higher : Canadian Conference on Financial Literacy providers. the survey revealed the following: ■■ Consumers have difficulty determining which regulator is responsible for which investment (securities versus insurance investments). They mentioned the need for more information for auto insurance consumers who are moving to or travelling through jurisdictions other than where they live. The survey also identified overlaps regarding complaints process information and the basics of investments. survey results revealed a number of gaps with regard to financial education and information for youth and pre-retirees. Insurance regulators also noted limited understanding of life. In particular. 14 . Securities regulators stressed the need for greater emphasis on financial literacy within the school curriculum. They do not know where they can find the information they need. pension plans and fraud.

New Zealand launched a National Strategy for Financial The United Kingdom’s Financial Services Literacy in June 2008. The FSA targets groups. setting a benchmark conference participants about strategies. The survey involved face-to-face interviews with 856 adults throughout New Zealand. The Authority is funded voluntary sectors. unions and industry making an informed decision. The results Representatives of New Zealand. the United provide the first measure of New Zealanders’ Kingdom and the United States spoke to level of financial literacy.Lessons from Other products. an autonomous life stages when financial issues arise. a Financial Knowledge Survey in 2005. from saving. led the strategy development. employees in their The Retirement Commission conducted workplace. these help identify locations. New Zealand population will be measured every four years. The strategy seeks to engage people at key The Retirement Commission. the aim is to and avoid duplication. As leader of the managing debt to sophisticated investment strategy. The strategy was Authority (FSA) began to implement that developed with input from individuals and country’s National Strategy for Financial organizations across the public. when having a baby or starting a new education working in partnership with the government program. and where to also noted the community partnerships find more detailed information that will help in developed with employers. impartial. It also tested attitudes and behaviour in areas such as managing personal financial Countries affairs and investing in securities markets. identify gaps in coverage. It provides free. lessons to be used in measuring future knowledge learned and challenges in increasing financial trends. general and the financial and non-profit sectors. universities and colleges. link providers of financial education carry out activities regulated by it. such as Crown entity. which monitors to the Authority until 2011 for implementation implementation of the strategy and of the National Strategy. young people who are not in and tactics most suitable for delivering financial education/training or employment. information on things to consider about David Feslier of the Retirement Commission financial products and services. The FSA and information. The survey tested New partnerships have been central to the Zealanders’ financial knowledge on a wide development. channels schoolchildren. the Authority coordinates key figures Moving Forward with Financial Literacy Synthesis Report on Reaching Higher : Canadian Conference on Financial Literacy 15 . implementation and funding range of matters. reports annually to Parliament. Chris Pond of the FSA described how funded by ANZ Bank. Strategy for Financial Capability. Some $180 million has been allocated advisory committee. To generate wide interest and coordinate United Kingdom activities in financial literacy. students in education to employees. with the next national survey New Zealand scheduled for 2009. and new parents. The financial knowledge of the adult literacy in their own countries. The aim is to set a strategic through fees charged to all authorized firms that direction. increase the quality and developed and leads the five-year National quantity of programs. borrowing and of the National Strategy. private and Capability in 2003. Representatives from promote public understanding of the financial various industry organizations sit on an system.

the FSA launched the Financial is to establish a baseline for measuring long- Capability Fund to support new and innovative term changes in financial literacy. Pond also provided a relationship model for existing trusted intermediaries that could gathering support for a national strategy: Getting buy-in 3-tier Strategy Method Intermediaries • Taking advice from experts Partnerships Evidence. government. University of Bristol). It promotes access to financial education programs that help people obtain ■■ increase financial education efforts aimed practical knowledge and skills so that they can at youth in school and adults in the make informed financial choices throughout workplace. The United States’ National Strategy for also within the Treasury Department. The Authority works in partnership with Mr. UK citizens’ knowledge and understanding of this will ensure efficiency. The Council works improve the financial literacy and education of with the public and private sectors to help: Americans. 16 . Financial capability unions. the President’s Advisory Council on Financial Literacy was created. their lives. reduce duplication personal financial issues. trade targeted by the FSA. be repeated every four to five years. ■■ increase access to financial services. This is to in the financial capability of the UK population. Its purpose Reaching Higher : Canadian Conference on Financial Literacy In 2005. The partnerships are of effort and build on the contribution of others. Kempson. represented on the Financial Capability Steering (Chris Pond. and Education Commission in 2006. and groups from industry. consumer bodies. The Each member of the Council represents an Commission works in partnership with other industry involved with the delivery of financial government agencies and the private sector to education to US citizens. fitting in with and helping further the political agenda United States In January 2008. The Financial Literacy was developed by the Vice-Chairman. John Hope Bryant. and the educational and voluntary initiatives must take account of the current sectors in the search for ways to improve supply and demand of products and services. FSA) Group. and to assess financial capability projects run by voluntary the impact of the UK’s national strategy (Elaine and community organizations. or may already be working with the consumers voluntary organizations. spoke Treasury Department’s Financial Literacy at the conference. opportunities • Converting sceptics and hooks Institutions • Engaging potential partners Steering Group Working Groups • Showcasing successes Policy makers Long-term strategy • Influencing. which advises the Authority and follows The Authority commissioned a financial the road map established for delivering change capability survey conducted in 2005.

Native Americans and members of the US military. and financial education research. ■■ establish measures of national financial literacy among US adults at both state and literacy. FINRA’s Senior Vice-President for Investor Education. John ■■ and Gannon. private levies Authority USA Treasury advisory council voluntary. was a moderator at the conference. national levels.and private-sector FINRA is the largest non-governmental financial education programs. Plans call for the release of conduct research on financial knowledge. young adults. survey data in early 2009. Summary of national strategy components Country Leadership Committee Partnerships Funding Product type New Retirement advisory voluntary. women. The FINRA Investor Council subcommittees deal with topics such Education Foundation works to educate and as financial literacy for youth. the Financial survey. financial access for the under-invested groups of Americans such as underserved. government Financial Literacy and Education Commission Moving Forward with Financial Literacy Synthesis Report on Reaching Higher : Canadian Conference on Financial Literacy 17 . In developing the With the Treasury Department. private federal Get Sorted Zealand Commission committee government UK Financial Services steering group voluntary. FINRA is examining the UK Financial Industry Regulatory Authority (FINRA) Services Authority’s financial capability survey Investor Education Foundation conducted a and the Irish Financial Services Regulatory new research initiative to examine financial Authority survey. ■■ strengthen public. financial literacy protect investors. including traditionally in the workplace. (US Treasury regulator for all securities firms doing business Department Web site) in the United States. private federal My Money Department.

in developing a national A number of presenters mentioned the lack of strategy for financial literacy. SEDI suggested that the task force focus on identifying the key 18 . He believes a partnerships. USA “ There needs to be clear leadership and As part of the creation of a national strategy. They acknowledged the strategies of New Zealand. Consultant sectors and mandate it to develop a broad and flexible strategy for achieving a more financially literate Canada. that the average Canadian does not know the it is time for a national financial policy name of any financial literacy organizations. It is expected that there will market and community complexities and be an increase in the number of organizations realities. resources are not focused and there is duplication by John Hope Bryant. national resource for financial ■■ The strategy is implemented through sector literacy learning in Canada. and SEDI. Nares called for the creation of a national strategy to address the issue of lack of ■■ ■■ creating multi-sector partnerships. Canada can look coordination of Canadian financial literacy to models from other countries. guideposts as we move toward the goal of a Ideas suggested at the conference included: more financially literate country. Literacy. a social welfare policy. SEDI suggested that. ” Finance appoint a task force representing all Shaun Mundy. focused financial literacy message as well as the funds to communicate the message nationwide is needed. coordination. “ As Canada has laid out a national Rick Eagan of St. spoke about the importance of a centrally ■■ recognized. Tom Hamza of the Investor Education Fund A steering committee provides leadership. The Way Forward Peter Nares of Social and Enterprise Development Innovations stated that there is no clear vision or comprehensive strategy Conference presenters were asked to consider emerging in Canada that will provide needed ways of moving the agenda forward in Canada. On behalf of creating a Canadian national strategy. working in consultation with the The current global financial crisis has made the provinces and territories. SEDI proposed that the federal Minister of coordination at the national level. President’s Council on Financial different parties. the UK and the USA need for increased offerings. Christopher House stated health care policy. and difficult to ignore. A Canada-wide importance of a financially literate society strategy would consider regional interests. SEDI) involved in the field. Mr. ” Because efforts are not coordinated. (Peter Nares. ■■ the national strategy. but noted have common features: duplication of effort in some areas and markets A non-partisan government body oversees left untouched in others. and focus. The national products and services. SEDI called on the federal Creating a Canadian national strategy Reaching Higher : Canadian Conference on Financial Literacy government to lead efforts toward reaching a national scale. and to help establish national rules and structures.

■■ mandate effective disclosure policies. conference participants agreed scrutiny. FCAC) development of infrastructure and awareness. said that the province will stakeholders in making the strategy work. key New Brunswick. Role of government ■■ create incentives to build financial capacity and literacy. and key on the role of government. and Alberta bonds or the Ontario Child New Brunswick is the first Canadian province Benefit Pooled Savings Fund. coaching and advice. conference gave examples of innovative partnerships. FCAC promotes partnerships to a framework for promoting broad access to leverage local and regional best practices mainstream banking services. Each jurisdiction Development Innovations suggested that works together—for example. key provide financial literacy training for benchmarks for measuring progress toward the employable welfare recipients. delivery innovations that Several presenters provided recommendations leverage new resources in new ways. and provincial brochures and tools are available to help initiatives such as the British Columbia them become more financially literate. The Honourable showing the components of personal financial Mary Schryer. ■■ provide education and access to As a federal government organization. the voluntary sector and business. and Cooperation and Development has issued coordinates efforts through a network of a policy recommendation that Canada create partners. accessible and understandable product Representatives of these three sectors at the pricing. Financial Consumer Agency of Canada The Organization for Economic provides leadership and support. Jeanne Hogarth of the US Federal Reserve Creating multi-sector partnerships Board recommended that governments develop policies to: For financial literacy training to be available to ■■ ensure products are subject to unbiased all Canadians. on the need to develop partnerships between ■■ regulate markets to ensure there is government. to acknowledge the importance of financial David Feslier of the New Zealand literacy by committing to include it in its new Retirement Commission provided a chart Transition to Work strategy. strategy’s objectives. and nationwide. OECD) been collaborating for many years on various Peter Nares of Social and Enterprise investor education initiatives. the counselling. Many Disability Savings Plan. The Canadian Securities Administrators has (Bruno Lévesque. areas for research. FCAC works to leverage can enhance public awareness through public existing expertise and find ways of sharing it policy and regulation. (Ursula Menke. the Registered audiences: youth and pre-retirees. components of a national strategy. and Government plays an important role in increasing the financial literacy of Canadians. Minister of Social well-being and the role of the regulatory Development of the Government of environment: Moving Forward with Financial Literacy Synthesis Report on Reaching Higher : Canadian Conference on Financial Literacy 19 . Governments at the national level. to develop governments join with voluntary organizations common messages on fraud awareness and to develop financial literacy supports that would the importance of making good investment accompany federal government products such decisions. government tools. The CSA has identified two target as Tax Free Savings Accounts.

existing in some form in many HOPE has raised more than US$400 million communities. The Centre material resources and space for workshops will work with newcomers. low-income delivered by trained volunteers. Canadians. Operation HOPE with children and women. Financial literacy initiatives to educate. Public libraries could provide increasing their financial literacy. and 100 partnerships with Canada’s voluntary sector is large and has a government.500 partnerships with non-profit organizations what works best and why from a practitioner’s 20 . families In the United States. has succeeded in creating more than To inform policy. can use this network to reach Canadians. can supply to government lessons learned about 1. assist and inspire Americans. will bring together the integrate financial literacy initiatives with the private. public and voluntary sectors to give literacy community’s existing delivery low-income Canadians more opportunities for infrastructure. Operation wide reach. example. As of January 2008. voluntary-sector organizations 400 partnerships with the private sector. Lesson 5: Integrate with the Macro and Regulatory Environment Financial Literacy – Lessons From New Zealand 9 September 2008 Components of personal financial wellbeing Efficient & effective regulation – compliance costs minimised Reaching Higher : Canadian Conference on Financial Literacy Thriving economy – Consumers exercise competitive and market power efficient markets Diversified market Personal financial Consumer protection for financial products wellbeing for for fraud/scams & services New Zealanders Trusted financial sector Financially literate with transparent & population Security net welfare plain language offerings provision Role of the voluntary sector and schools. voluntary-sector organizations can a SEDI innovation. For The Canadian Centre for Financial Literacy. people with disabilities.

Immigrant Services Society of British Columbia CIBC has recently created a partnership and PowerPlay Strategies to deliver financial with the YMCA to provide financial literacy literacy training to low-income Canadians. sponsorships Companies contributed more than $27 million and partnerships. and members and provided $3. and Rick Eagan.100 schools. public policy development Canada in 2007. To provide new approaches to to charitable and non-profit initiatives in systemic problems. summarized in the Lessons Learned sessions on Vancity has partnered with Family Services of working through community organizations—for Greater Vancouver.perspective. Christopher House) The voluntary sector can develop stronger “ Financial support for community networks to: organizations working to affect ■■ continue research into best practices. the Mennonite Central Desjardins Group.8 million individual numbers of clients and employees throughout and corporate members and clients. In 2007. Vancity.000 young people in The private sector can contribute to the way 1. the ANZ Bank. resources to further the agenda. through elementary schools across Quebec and Role of the private sector Ontario. Canada.762 individual and small business clients. donations and scholarships organizations. reaching 120. St. Training (ASPECT). sectors is essential if it is to succeed. Desjardins Group has over forward through its extensive reach with large 40. (Rick Eagan. current multi-sector partnerships as Providers for Employability and Career well as the scope of resources of CIBC. education and health. Moving Forward with Financial Literacy Synthesis Report on Reaching Higher : Canadian Conference on Financial Literacy 21 . ■■ coordinate and collaborate on the Community organizations are stretched development of a range of methodologies financially and physically and funding for and delivery mechanisms that respond to this work from government and private different needs and circumstances. Private-sector firms can continue Desjardins contributed $72 million in to create partnerships with community sponsorships. The CIBC Group of communities in the form of grants. national. ” ■■ establish stronger partnerships with government and the for-profit sector. those hardest to reach is necessary. the Association of Service example. regional and local organizations with and be based on front-line experience and a strategic focus on youth. A number of Elisabeth Geller outlined partnerships between partnerships created by the private sector were Vancity and various community organizations. new training to immigrants. multi-stakeholder consultation.67 million in 2007 to 40. Christopher House ■■ continue to lobby and advocate for a funding environment and regulatory Monique Leroux discussed a financial literacy environment that meet the needs of program created by Desjardins Group. St.000 employees and 5. The low-income communities and other Caisse Program is a cooperative model offered stakeholders. Vancity has 387. supporting a wide variety of should involve all sectors and regulators. Citigroup and Committee Employment Development.000 employees. funding initiatives and leveraging for Canadians. CIBC has 11 million immigrants and youth.

Funded by the Citi Foundation as well as its businesses. with input from experts. CIBC 22 . reported that in three years its programs have reached 9 million people. ” Sonia Baxendale. More needs to be done. with the aim of training facilitators to deliver accredited course training in communities for people with physical and mental challenges. Reaching Higher : Canadian Conference on Financial Literacy Citigroup created the Office of Financial Education in 2004. with a US$200 million grant over 10 years to fund financial education programs globally. The Citi Commonsense Money Guide for Real People. the Office has developed a financial education curriculum and created a personal finance book. Aboriginals. including newcomers to Canada. Dara Duguay. we must continue to have a strong focus on providing advice to the groups who would benefit most. youth and low-income families. ANZ Bank has developed a financial literacy program called Money Minded. Roslyn Russell of RMIT University said that ANZ has created partnerships with community organizations. “ All sectors should continue to be active stakeholders in the dialogue and action on financial literacy. Director of the Office. Managing money is a life skill that all Canadians need to lead happy and productive lives. Profits fund voluntary-sector initiatives designed to reach those who require more than access to a book to increase their financial literacy. within correctional facilities. and in rehabilitation centres.

Evaluation results will help practitioners build on successful initiatives. with the aim world’s most advanced thinkers. continued partnership development between The 2008 Conference on Financial Literacy different levels of government and the benefited from the contributions of some of the voluntary and private sectors. although this represents a challenge. policy-makers of ensuring that all Canadians have access to and practitioners. This seminal event was made possible through the financial support of the sponsors and hosts. Also needed is input provided will support further work monitoring of changes in consumer behaviour in the areas of financial literacy policy and after participation in financial education. report will be of value to anyone who is concerned about the issue of financial literacy. The hosts believe that the financial literacy education. Conference presentations on the measurement They would like to thank all those who attended of financial literacy initiatives emphasized and participated in this effort to advance the the need to measure both the reach and impact cause of financial literacy in Canada. These highlighted the importance of coordinating This is the first report documenting a serious efforts to promote increased financial literacy discussion about the state of financial literacy in for Canadians. Moving Forward with Financial Literacy Synthesis Report on Reaching Higher : Canadian Conference on Financial Literacy 23 .Conclusion Speakers from both Canada and abroad made presentations on lessons learned. The of programs and services. practice in Canada. Canada and putting forward multi-sector ideas The conference made evident the need for to increase the financial literacy of Canadians. Methods need to be developed for measuring the effect of financial literacy efforts on Canadians’ behaviour in the area of personal financial management.

Retirement Commission.S. Financial Consumer Agency of Canada – Peter Nares. Mr. Statistics Canada – Jerry Buckland. HOPE now operates throughout the U. Consumer Agence de la consommation Agency of Canada en matière financière du Canada 9:30-11:00 Panel: International Experience & Strategies: Lessons for Canada Human Resources and Ressources humaines et Social Development Canada Développement social Canada Moderator: John M. advice. basic banking and economic empowerment to the under-served. USA – Bruno Lévesque. Financial Industry Regulatory Authority Dara Duguay.S. four in-depth workshops and three provocative panel discussions. Citigroup – David Feslier. Hogarth. 24 . Hughes Tuesday. Our intensive conference program offers four inspiring keynote addresses by well-known national – and international . about budgeting or using credit wisely)? While difficult to measure. Financial Services Authority. Operation HOPE and Vice chairman. Financial Services Commission of Ontario 8:45-9:30 Keynote Speaker John Hope Bryant. Menno Simons College – Marie J. Alberta Securities Commission What do Canadians actually know about their personal finances (for example. Master of Ceremonies: James D. France – Chris Pond. Bryant will Financial also provide highlights of the work of the recently formed President’s Advisory Council. Conference Program Summary This important national conference – Reaching Higher: Canadian Conference on Financial Literacy – offers attendees unique insights on crucial financial literacy issues and the opportunity to hear about emerging best practices and the latest research on one of the most critical issues affecting consumers today. Join an international panel of renowned experts as they discuss their experiences and the strategies that have been developed to help consumers better navigate through the financial service sector. New Zealand – Jeanne M. President’s Advisory Council on Financial Literacy This distinguished guest will share insights from sixteen years of pioneering economic empowerment work by Operation HOPE. participants will hear from experts endeavouring to quantify our levels of knowledge in this area and provide their recommendations on how to improve this critical level of financial knowledge. providing financial literacy. Having raised more than $400 million to empower the poor and the under-served. U. September 9 – Day 1 Effectiveness to Date Reaching Higher : Canadian Conference on Financial Literacy 7:30-8:30 Registration 8:30-8:45 Conference Opening Ursula Menke. UK Recent market turmoil has underlined a growing global need for consumers to better understand how financial products and services impact their livelihoods. Chairman and founder. 11:00-11:15 Networking Break and Room Change 11:15-12:30 Workshop 1 Measuring Personal Financial Literacy – Canadian Experience Commentator: Bob Christie.authorities. Financial Services Commission of Ontario Steve Arrowsmith. Lachance. economic education. Federal Reserve. and South Africa. Organisation for Economic Co-operation and Development. Social and Enterprise Development Innovations – Bob Christie. Université Laval – Gary Rabbior. Gannon. Canadian Foundation for Economic Education – Tamera Van Brunt.

Manitoba Securities Commission – Andrew Douglas. University of Bristol. UK – Angela Lyons. Leroux. Hear from organizations from a variety of Canadian sectors which have designed and are delivering programs and services. Minister of Finance. Chair of the Board. Learn which strategies could work for your organization as you listen to speakers highlight lessons learned. Credit Canada – Ainsley Cunningham. President and Chief Executive Officer of Desjardins Group 4:30-5:00 Wrap up 5:00-7:00 Wine and Cheese Networking Session Financial Consumer Agence de la consommation Agency of Canada en matière financière du Canada Human Resources and Ressources humaines et Social Development Canada Développement social Canada Moving Forward with Financial Literacy Synthesis Report on Reaching Higher : Canadian Conference on Financial Literacy 25 . Consultant – Roslyn Russell.11:15-12:30 Workshop 2 What Is Working? Effective Delivery Strategies Commentator: Casey Cosgrove. Investor Education Fund – Ellen Roseman. University of Illinois at Urbana-Champaign – Shaun Mundy. British Columbia Securities Commission – Laurie Campbell. 12:30-2:00 Lunch Keynote Speaker The Honourable Monique Jérôme-Forget. discuss their effectiveness and underline the related challenges. Social and Enterprise Development Innovations Patricia Bowles. financial literacy services are growing quickly. Human Resources and Social Development Canada Elaine Kempson. RMIT University A panel of international research experts discusses the nature and scope of the problem created by lack of financial literacy and offers their insights into which programs have effectively addressed the issues. Carrefour jeunesse emploi de l’Outaouais While still a relatively new field. La Presse Rick Eagan. This panel of experts will identify the holes that need to be filled to ensure future services and policies are inclusive. Geller. 2:15-3:30 Workshop 4 What Are the Gaps? Commentator: Michèle Boisvert. Carrefour Jeunesse Emploi de Côte-des-Neiges We know that access to financial literacy supports is important for everyone but we also know some Canadians do not have access to these key supports. Supporting Employment and Economic Development (SEED) Winnipeg – Martine Morissette. Vancity and Citizens Bank Canada – Tom Hamza. 3:30-4:00 Networking Break and Room Change 4:00-4:30 Keynote Speaker Monique F. St. Government of Quebec 2:15-3:30 Workshop 3 Measuring Effectiveness and Impact – International Experience Commentator: David Mac Donald. Christopher House – Elisabeth J. Author – Brian Smith.

September 10 – Day 2 The Way Forward 8:30-9:15 Breakfast 9:15 – 9:45 Keynote Speaker The Honourable Mary Schryer. Social & Enterprise Development Innovations – Sonia A. 9:45-10:00 Networking Break Reaching Higher : Canadian Conference on Financial Literacy 10:00-11:30 Panel: Innovative Sector Based Approaches to Increasing Financial Literacy Chair: David Agnew. Financial Consumer Agency of Canada – Anne-Marie Poitras. financial services and government) in order to ensure a pan-Canadian approach to skills development. innovative solutions are required by three key sectors (voluntary. Hear sector representatives discuss how each is able to develop solutions that meet financial literacy needs of Canadians and examine potential roles and partnerships. CIBC Retail Markets – Ursula Menke. Baxendale. Autorité des marchés financiers Now more than ever. highlight current programs in New Brunswick and outline how Financial Literacy training will be incorporated into new provincial initiatives. Minister of Social Development. Wednesday. 11:30-11:45 Closing Remarks 12:00-1:30 Lunch 26 . Ombudsman for Banking Services and Investments Peter Nares. Government of New Brunswick The Minister will discuss the importance of Financial Literacy. and increased knowledge and confidence related to financial matters.