FCAC releases Change that Counts: National Financial Literacy Strategy
OTTAWA, ON, July 14, 2021 / CNW / – Strengthening the financial literacy of Canadians is essential to protect financial consumers and central to the mandate of the Financial Consumer Agency of Canada (ACFC). Today, FCAC released a renewed National Financial Literacy Strategy, a five-year plan to help Canadians build financial resilience.
The National Strategy builds on FCAC’s first National Financial Literacy Strategy released in 2015. It reflects the economic impact of the pandemic on many Canadians, the diverse needs of consumers, especially the most vulnerable, and changing expectations of Canadians in an increasingly digital financial market. . Contribution of stakeholders through Canada, combined with new knowledge from research conducted by FCAC and external researchers, formed the basis for the development of the strategy.
The National Strategy emphasizes the need for an evolving financial ecosystem to make it more accessible, inclusive and efficient for Canadians. It provides a framework to reduce barriers, catalyze action and help consumers develop skills, capacities and behaviors, with the ultimate goal of building financial resilience.
The National Strategy supports a vision of a Canada where everyone can strengthen their financial resilience in an increasingly digital world. It is a roadmap to guide stakeholders in the financial ecosystem – including FCAC, community organizations, the financial sector, governments and regulators, and other key players – to support for this goal.
The National Strategy identifies three areas of intervention:
Reduce the barriers that prevent people from accessing, understanding and using appropriate financial products, services and information. Priorities include communicating in ways people understand, creating and meeting diverse needs, and supporting increased digital access and literacy.
Catalyze action to help Canadians achieve positive financial results and eliminate stigma and misunderstanding. Priorities include improving access to reliable and affordable financial assistance, using behavioral design to simplify financial decisions, and strengthening consumer protection.
Help Canadians develop the skills, abilities and behaviors that are the building blocks of consumers’ financial resilience. These building blocks include the skills to navigate the financial market, just-in-time knowledge, and expense, debt, and savings management.
The National Financial Literacy Strategy is based on an evidence-based, research-based approach and collaboration among stakeholders in the financial ecosystem.
Over the coming months, FCAC will continue to work with stakeholders to establish measures of success and identify initiatives that will advance the ultimate goal of the National Strategy: to help Canadians build their financial resilience.
Let’s make a change that matters.
âAs the pandemic emerges, the National Financial Literacy Strategy will generate positive changes to enable Canadians to build their financial resilience. The global pandemic has caused an economic shock affecting all Canadians, but has had a disproportionate impact on our most vulnerable populations, including women, youth, low-wage workers and the BIPOC. Our government has taken swift and decisive action to support workers, families and businesses and made historic investments to ensure an inclusive and strong recovery. The focus on financial resilience in the national strategy will support the most vulnerable and benefit all Canadians, as we come back roaring. “
– The Honorable Mona Fortier, Minister of Middle Class Prosperity and Associate Minister of Finance
âThe renewal of the National Strategy marks an exciting time for all those involved in strengthening the financial literacy of Canadians. At FCAC, we are proud to be a leader in financial literacy and the National Financial Literacy Strategy is a bold step forward. FCAC looks to the future to collaborate with organizations and individuals across the country as we work to reduce barriers and catalyze action to help Canadians build their financial resilience. Together, we’ll make a change that matters.
– Judith Robertson, Commissioner, Financial Consumer Agency of Canada
Strengthening the financial literacy of Canadians is a key component of the Financial Consumer Agency of Canada. from Canada mandate to protect financial consumers. The Agency also protects financial consumers by monitoring the compliance of federally regulated entities, including banks, with their legal obligations, codes of conduct and public commitments.
In 2015, the Financial Consumer Agency of Canada launched from Canada First National Strategy for Financial Literacy – Count me in, Canada. The strategy raised awareness of the importance of financial literacy and spurred far-reaching efforts to build the financial knowledge, skills and confidence of Canadians.
Financial literacy includes the skills and ability to make informed financial decisions, as well as actions or behaviors that lead to positive financial results. Financial literacy is considered an essential skill, like reading and writing.
Financial resilience is the ability to adapt or persevere through predictable and unpredictable financial choices, hardships and shocks in life.
Making the Change that Matters: National Financial Literacy Strategy
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SOURCE Financial Consumer Agency of Canada
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