Canada's CAs welcome recommendations of financial literacy task force

TORONTO, Feb. 9 /CNW/ - Canada's Chartered Accountants call the recommendations of the Task Force on Financial Literacy a valuable blueprint that the federal government can draw upon in its efforts to help Canadians better manage their finances.

The task force was established by the federal government to help create a cohesive national strategy aimed at improving financial education and today issued its recommendations.

"The recommendations provide a concrete foundation from which to develop a national strategy," said Kevin Dancey, FCA, president and CEO, Canadian Institute of Chartered Accountants (CICA). "We look forward to reviewing the task force's findings in more detail. The CICA participated in the consultation process and will be an active participant in the national effort to improve financial literacy."

The CICA applauds the focus of helping all ages in the effort to advance financial literacy from childhood through retirement. The Institute commissioned a national survey in 2010 to take the pulse of Canadians on financial matters. The survey indicated that Canadians want financial literacy taught to our young people but it also highlighted a clear need to aid mature Canadians who face rising debt or insufficient retirement savings.

"Financial decisions do matter and we recognize that a collaborative effort with other organizations is required to achieve greater levels of financial literacy across the country," said Dancey. "The CA profession is eager to help Canadians gain the financial skills, knowledge and confidence to make the best choices for their circumstances."

The CICA also welcomes recommendations relating to financial literacy programs in the workplace and tax assistance for employers who develop such initiatives.

"The fact that the task force made accountability one of its priorities is very encouraging," added Dancey. "It will be important to determine if the financial literacy of Canadians is improving once a national strategy is established. Success will require a sustained effort so it is essential to identify what elements work and those that must be refocused."

About CICA

Chartered Accountants (CAs) are Canada's most valued, internationally recognized profession of leaders in senior management, advisory, financial, tax and assurance roles. Through their integrity, expertise, and internationally recognized qualification standards, Canada's 78,000 CAs sustain their influence and leadership position both in Canada and globally. As trusted business advisors to Canadian organizations of all sizes, Canada's CAs foster confidence in Canadian business and contribute to the health and sustainability of Canada's capital markets and economy. The Canadian Institute of Chartered Accountants (CICA) represents Canada's CA profession both nationally and internationally. The CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA).

SOURCE Canadian Institute of Chartered Accountants

For further information: or to arrange an interview, contact Tobin Lambie, Manager, Media, CICA, (416) 204-3228, tobin.lambie@cica.ca, www.cica.ca

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Canadian Institute of Chartered Accountants

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