Tackling Financial Literacy

For all the many Canadian parents with kids in school, we can all breath a sense of relief that there is now a National strategy to fight financial literacy.

It is a comprehensive approach to the problem facing Canadian families and as Money Smarts 4 Kids has always advocated financial literacy for young people it is encouraging to see positive steps being taken to move closer to this resolve.

The reality is that the Task Force on Financial Literacy is tackling not only educating kids about financial matters but all Canadians. The other reality is that The Task Force while placing a priority on having the subject mandatory in schools has also placed the responsibility on a vast cross section of Canadians.

I would highly recommend that you read the entire report however if you are strapped for time here are the five National Strategy priorities:

• Shared Responsibility,

• Leadership and Collaboration,

• Lifelong Learning,

• Delivery and Promotion, and

• Accountability.

This five pronged approach by the Task Force is designed to fill the gaps left by a more narrow approach and their intent is to maximize the chance of success of the initiative by involving a cross section of the varied Canadian population.

For example the first priority “Shared Responsibility” places responsibility of financial literacy on financial services providers, the private sector, public sector, individuals and families, labour organizations, the credit counselling community and the volunteer sector. In other words as parents we share in the responsibility of our kids being financially literate.

The second priority of “Leadership and Collaboration” includes educators, government and again financial services providers, the private sector, labour organizations and the volunteer sector. This is where the schools come into play and our kids get taught a curriculum that will be age specific.

Have a look at the report. There is a summary version on the link I provided above. I believe that this is a great start to providing valuable information especially to our young people so that they can make better financial choices and emerge a financially fitter generation of Canadians.

Let’s make it happen!

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