The Smart, Savvy Young Consumer

THE SMART, SAVVY YOUNG
CONSUMER
Pat Foran
Pat Foran Broadcaster, Author,
Advocate
• Consumer Reporter for
CTV News Toronto
• Consumer Advocate for
CTV’s Canada AM
• Best Selling Author of 3
financial books
• Member of Federal Task
Force on Financial
Literacy
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Task Force on Financial Literacy
Recommendations to benefit all
Canadians
2011
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Task Force on Financial
Literacy
• Established in June 2009
• Representation from across Canada
• Provide advice and recommendations
to Canada’s Minister of Finance on a
national strategy
www.financialliteracyincanada.com
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Public consultations across Canada
Iqaluit
Whitehorse
St.
John’s
Yellowknife
Charlottetown
Moncton
Calgary
Halifax
Saskatoon
Montreal
Vancouver
Winnipeg
Ottawa
Toronto
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Task Force Financial Literacy Definition
Financial literacy means having the
knowledge, skills and confidence to make
responsible financial decisions.
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Task Force Recommendation #1
The Task Force recommends that the Government of
Canada appoint an individual, directly accountable to the
Minister of Finance, to serve as dedicated national leader.
This Financial Literacy Leader should have the mandate
to oversee the National Strategy, implement the
recommendations and champion financial literacy on behalf
of all Canadians.
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Task Force Recommendation #2
The Task Force recommends that all provincial and
territorial governments integrate financial literacy into the
formal education system, including elementary, high
school, post-secondary education and formalized adult
learning activities.
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Task Force Recommendation #3
The Task Force recommends that the Government of
Canada create, maintain,
continuously upgrade and promote a single source website
for financial literacy,
in an effort to increase public awareness about, and ease
of access to high quality trustworthy information.
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Task Force Recommendation #4
The Task Force recommends that the Government of
Canada, in partnership with stakeholders, establish a
comprehensive and ongoing public awareness campaign to
promote awareness of the need for financial literacy.
- Similar in scope to “Participaction”
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Task Force Recommendation #5
The Task Force recommends that financial services
providers put a strong emphasis on delivering educational
information and ensuring that it is fully understood by
Canadians at “teachable moments” so that Canadians can
make responsible financial decisions.
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National Strategy on Financial Literacy
Five priorities
Mission:
Strengthen the financial literacy
of Canadians
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1. Shared Responsibility
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2. Leadership and Collaboration
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3. Lifelong Learning
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What Success Looks Like
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•
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Enhanced quality of life for Canadians
Measurable progress
Resilient households in good times and bad
A more competitive Canada
The next Generation will avoid massive debt
loads and overspending
• All Canadians feeling less stressed about their
financial situation
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• As Canada’s leading financial educational institution,
The Knowledge Bureau teaches an inter-advisory
approach to Real Wealth Management™,
• Our goal is to enable professionals to make better
financial decisions with their clients in the area of tax,
investment, retirement, estate and business services.
• For more information, please visit
www.knowledgebureau.com.