Financial Literacy: Move Fast To Implement National Strategy Says CGA-Canada
~ Association welcomes report and calls for commitment to its implementation ~
VANCOUVER, Feb. 9 /CNW/ - The comprehensive recommendations put forward by the Task Force on Financial Literacy provide clear direction for an effective national strategy. The federal government should act on them as early as the federal budget, says the Certified General Accountants Association of Canada (CGA-Canada).
"We're delighted with the Task Force's report. We're pleased it recognizes and builds on existing efforts, stressing shared responsibility and cooperation. We call on federal government to move quickly and decisively to implement the Task Force's recommendations to achieve an effective national financial literacy strategy," says Anthony Ariganello, CGA-Canada's President and CEO. "The report is only the first step to a national strategy - the government needs to act on these recommendations."
"We support the principle of accountability, as endorsed by the Task Force, through its recommendation to appoint a national leader to report to Parliament on an annual basis. There is a real opportunity for federal leadership - within a partnership arrangement with involved stakeholders - in any national Canadian-made strategy on financial literacy."
From today's report, CGA-Canada recognizes its own role in two key areas:
"We agree that shared responsibility and a collaborative framework to maximize the efforts of multiple stakeholders and resources is the best way to promote and increase financial literacy across Canada. As advisors to Canadian businesses and individuals, CGAs are well-positioned to understand financial literacy needs and to participate in a national advisory council on financial literacy."
"We believe lifelong learning is critical for people to be well informed and have the necessary skills to make sound financial decisions. Many stakeholders play an important role here - from teachers and educators, to employers, to financial advisors."
In its submission to the Task Force, CGA-Canada called for a single-source website to promote and deliver financial literacy information, including domestic and international best practices. The association is pleased to see this is one of the Task Force's recommendations and notes the importance to focus on clarity and simplicity in the delivery of information to Canadians of all ages and needs.
CGA-Canada has long advocated for strengthening financial literacy as it underpins a successful and productive economy and is a key factor in personal debt, saving and retirement planning. The association has published comprehensive reports on these topics.
Founded in 1908, the Certified General Accountants Association of Canada serves 75,000 Certified General Accountants and students in Canada and more than 90 countries. Respected accounting and financial management professionals, CGAs work in industry, finance, government and public practice. CGA-Canada establishes the designation's certification requirements and professional standards, offers professional development, conducts research and advocacy, and represents CGAs nationally and internationally.
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