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The Taskforce on Financial Literacy ("the Taskforce") was established by the Minister of Finance in June 2009 with a mandate to make recommendations to improve financial literacy in Canada.1 Its final report includes 30 recommendations designed to strengthen "the knowledge, skills and confidence of Canadians to make responsible financial decisions", the Taskforce definition of financial literacy.2 The report is the Federal Government's response to the sub-prime mortgage crisis in the United States and the resultant macroeconomic déstabilisation this has caused. Recent budget announcements have confirmed that $3 million will be provided in each of the next two years to allow implementation of the Taskforce recommendations, in addition to the $2 million already provided annually to the Financial Consumer Agency of Canada.3
The recommendations in the final report were developed using a stakeholder consultation process that gathered information through a mix of written comments and public sessions in all of the country's provinces and territories. Over 300 written submissions were received and meetings occurred with 175 individuals and organisations.4 In addition, the Taskforce commissioned its own research and surveyed existing Canadian and international best practise. The consultation and research review led to the development of 5 key priorities, which subsequently generated the report's 30 recommendations. The priorities speak to a shared responsibility across the public, private and not-for-profit sectors for the improvement in financial literacy; that leadership and collaboration will be required to deliver on this important goal; the importance of viewing financial literacy within the context of a lifelong learning process; targeted delivery and promotion of existing and new resources; and finally, the need for accountability which involves monitoring and evaluating program effectiveness.5
The range of topics covered by the recommendations is broad, with many calling for Federal and provincial government involvement in the development and delivery of new and existing programs to multiple audiences including new Canadians, Aboriginals, low -income groups and the elderly. Other recommendations look to the simplification of information available to the public, the creation of selfassessment tools and a centralised website for financial literacy materials. Finally, a number of recommendations focus on the need for regular reporting on whether progress is being made on the implementation of these initiatives.6 Many of these recommendations are very practical and often seek...