1 / 17

Plight of Canadians triggered government action

Plight of Canadians triggered government action. Federal Task force on Financial literacy established in 2009 Public consultation nationally - received over 300 submissions from various concerned groups and organizations.

davin
Download Presentation

Plight of Canadians triggered government action

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Plight of Canadians triggered government action • Federal Task force on Financial literacy established in 2009 Public consultation nationally - received over 300 submissions from various concerned groups and organizations. • CICA made oral and written submission focusing on key areas the government had to tackle in order to better educate Canadians on financial literacy. • Issued report on February 2011 with 30 recommendations on a cohesive national strategy. • Create and promote single source website to increase awareness and ease access for Canadians. • Require federally regulated financial institutions to publicly disclose contributions to financial literacy. • Designate November as Financial Literacy Month.

  2. Provincial Initiatives • Ontario • GetSmarterAboutMoney.ca (Investors Education Fund) • Mandated financial education as part of the curriculum. • Manitoba • YourFutureSelf.ca

  3. CICA Canadian Finance Survey 2012 • Many are carrying debt at levels that make them vulnerable to interest rate increases. • Almost half of those surveyed said that they would be challenged to keep up with their mortgage/debt payments following a significant rise in interest rates. • 43% said that they carried a balance on their credit cards in the past year, up from 34% in 2010. • 60% borrow for big tickets items such as car or vacation. • 17% have borrowed to cover day-to-day living expenses.

  4. CICA Canadian Finance Survey 2012 • Canadians need to begin saving for retirement earlier. • Almost 60% save less than 10% of their annual income. • Individuals are saving less now than they did in 2010. • Of those aged 55 of older, 43% said they have not set aside enough for their retirement. • Nearly four-in-ten think they will need to work past age 65 to pay off their debts.

  5. CICA Canadian Finance Survey 2012 • Some feeling better about their financial situation. • Almost half indicated that their financial situation had not changed year over year. • Encouraging sign is that two in five reported improvement in their financial situation. • By paying down their debt. • Consolidating their debt at a lower interest rate. • Improving their money management skills.

  6. CICA Canadian Finance Survey 2012 • Top five financial management skills wanted • Tips on minimizing taxes. • Advice on teaching kids about money and avoiding fraud. • Advice on managing money. • Tips on savings for children’s education • Saving for retirement.

  7. CICA Youth Survey 2012 • Youth are eager to learn money management skills at home and want their parents to be good financial role models. • More than half of those surveyed (55%) said they worry about money and 50% wish they were better at saving money. • 93% believe their parents should be good financial role models for responsible financial decisions. • Parents who are most successful at teaching financial management skills talk to their teenagers about the family’s financial situation and how they manage their own money. • Canadian youth say they are confident in their financial skills but the research suggests that this confidence may not be justified.

  8. Financial Decisions Matter Program • Five Key Components • CA Community Connect Program to deliverfinancial literacy seminars via our member network. • Innovative new CICA publications: • A Parent’s Guide to Raising Money-Smart Kids • A Canadian’s Guide to Money-Smart Living • Consumer-focused website to strengthen financial literacywww.financialdecisionsmatter.com • Thought leadership through ground breaking research and unbiased/neutral information. • Partnerships and sponsorships to broaden reach and offset costs.

  9. CA Community Connect Program Eight Core Modules developed by CICA • Are you a Good Financial Role Model? • How to Teach Your Kids About Money • Ten Healthy Habits of Financial Management • Effective Tax Strategies • Effective Budgets – How to Save More, Spend Less • Planning for your Retirement • Estate Planning • How to Prepare a Financial Plan Member Support:CICA national member roll-out in 2012/13. Resources: CICA publications, webinars/online vehicles, turnkey volunteer mobilization kits (business case, leader’s guide, handouts, presentation and communication materials).

  10. CICA Publications • A Canadian’s Guide to Money Smart Living • provides easy-to-understand, step by step process for Canadians to get their financial house in order. • A Parent’s Guide to Raising Money-Smart Kids • Information and tools to help parents teach their kids (ages 5-21) about money. • Book excerpts and companion resources will be available online – e-pub, and pdfand offline – hard copy. • Launched February 2012 – very well-received by public and press e.g. over 50 media hits and 12 million impressions. • Interest from numerous sources in using/adapting contents.

  11. Consumer Focused Website

  12. financialdecisionsmatter.com

  13. financialdecisionsmatter.com

  14. financialdecisionsmatter.com

  15. financialdecisionsmatter.com

  16. Thank You! For more information, visit financialdecisionsmatter.comor email Li Zhang at li.zhang@cica.ca

More Related