About the Task Force

The turmoil in financial markets is affecting the financial future of all Canadians who save and invest. It is clear that financial literacy, displayed through a strong understanding of the principles of prudent financial management, is an essential life skill. Consumers are better positioned to make informed financial decisions that affect their livelihood when they understand the financial products and services, and the options that are available to them. Financial literacy will better prepare young people for the future.

The Task Force on Financial Literacy will provide advice and recommendations to the Minister of Finance on a national strategy to strengthen the financial literacy of Canadians. The strategy will outline:

• Overall objectives, as well as a focused, concrete plan of action to strengthen the financial literacy of various groups of the population;
• How to leverage existing resources to enhance financial literacy in Canada;
• How best to promote financial literacy among the Canadian population;
• A framework for collaboration among all stakeholders, including governmental organizations at every level, that would maximize financial literacy efforts and limit duplication;
• How the different stakeholders should collaborate to advance the state of financial literacy research in Canada; and
• How to assess progress in the implementation of the national strategy, including identifying appropriate timelines and milestones for achievement.

The Task Force will draw on global best practices and build on the strengths of successful initiatives already in place in Canada. The Task Force will release a consultation document, and submit a final report in December 2010 that recommends to the Minister of Finance a national strategy on financial literacy. The Task Force will make available these reports to the public and any research commissioned to develop their recommendations.