CFEE congratulates the federal Task Force on Financial Literacy - Recommendations could significantly improve financial literacy in Canada

TORONTO, Feb. 9 /CNW/ - The Canadian Foundation for Economic Education (CFEE) wishes to extend its congratulations to the Canadian government`s federal Task Force on Financial Literacy Task Force on Financial Literacy. The Task Force Report was released earlier today and puts forth 30 Recommendations.

CFEE supports the recommendations. The Task Force appears to have presented a series of recommendations that are reasonable and appropriate. If implemented, they should prove to be effective in significantly helping to improve financial literacy in Canada.

CFEE particularly supports the proposition that efforts to improve financial literacy should be a shared responsibility among all stakeholders. This includes Canadians who, as best they can, should work to acquire the knowledge, and develop the skills, to undertake their financial decisions with confidence and competence. CFEE also supports the recommendation to focus upon financial education as a lifelong opportunity - beginning in the schools and extending beyond the classroom as a lifelong challenge and responsibility.

It appears that the Task Force has tapped the many individuals and organizations with experience and insights to contribute to the National Strategy proposed. The Task Force recognized there is a great deal of good work being done. However, there is a need for more collaboration, focus, and capacity building among organizations able to provide assistance to Canadians. CFEE further supports the challenge presented to those in the private sector, and especially in the financial sector. Efforts are needed to improve, simplify, and clarify the language used to inform Canadians regarding financial products, services, and choices.

CFEE believes the Task Force has appropriately identified opportunities to improve financial literacy that have gone largely untapped. This includes opportunities for learning in the workplace and opportunities for governments to help improve financial literacy via the many connections that they have with Canadians through various programs.

"CFEE encourages the federal government to support the recommendations of the Task Force. The sooner the efforts proposed by the Task Force can get underway, the sooner Canadians can start to benefit from the learning opportunities these initiatives could provide. The only recommendation we would add is that economic literacy should be regarded as equally important. You can understand a mortgage, but if you don't know why and when interest rates can change, your mortgage decisions can cost you thousands of dollars. " said Gary Rabbior, President of CFEE.

CFEE is a non-profit, non-partisan organization, founded in 1974, that works to improve economic and financial literacy and entrepreneurial skill development across Canada. CFEE is currently working to help provinces, such as Manitoba, integrate a basic economic and financial education into compulsory core school curriculum. CFEE has resources and programs to support teachers and students, newcomers to Canada, those who are economically disadvantaged, and Canadians in general.

For more information, visit www.cfee.org

SOURCE Canadian Foundation for Economic Education

For further information:

Media Contact at CFEE:       Susan Lennox - slennox@cfee.org   Phone: (416) 968-2236

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