New Task Force report on financial literacy supports lifelong learning for Canadians

TORONTO, Feb. 9 /CNW/ - ABC Life Literacy Canada applauds the work of Canada's Financial Literacy Task Force who today released a new financial literacy strategy to build a more financially literate Canada. ABC Life Literacy Canada welcomes the recommendations and looks forward to working with the Government of Canada, business and literacy partners to implement solutions on this critical literacy and numeracy issue.

"Every Canadian should have the literacy skills they need to live a fully engaged life. The Task Force has strongly encouraged that financial literacy be recognized as an important life skill to help Canadians thrive in workplaces, homes and communities,"  said Margaret Eaton, President of ABC Life Literacy Canada. "Our congratulations to the entire Task Force and Chair Donald Stewart for leading this extremely valuable initiative for all Canadians."

Reflected in the strategies of the Task Force is input from ABC Life Literacy Canada. An active contributor during the Task Force's national public consultations held in 2010, ABC Life Literacy Canada produced recommendations which included:

  • Considering the specific needs of Canadians who have low levels of literacy and numeracy skills and its' impact on their financial literacy
    • The 2003 International Adult Literacy Skills Survey found that 42% of the population has a reading comprehension level below a high school graduate's recognized standard suitable for dealing with the demands of everyday life and work in a complex, advanced society.  In numeracy, 49% of the population scored below the recommended level. 
  • Leveraging the workplace is an effective and far-reaching way to reach Canadians who require improved literacy and numeracy skills. 

  • Ensuring financial institutions use clear language, a concept already endorsed and developed by literacy practitioners.

  • Promoting a collaborative, integrated approach with all stakeholders and the role non-governmental literacy agencies and programs can play in improving financial literacy.
    • National initiatives such as ABC's new Money Matters program will help build a more financially literate nation.

Last month, ABC Life Literacy Canada officially announced the development of Money Matters, a new financial literacy program with funding from the Government of Canada and TD Bank Group. The three- year program will increase the level of financial literacy for adult learners so they can make appropriate decisions and gain confidence when dealing with their finances. This will also help them educate their children and ultimately break any negative cycles that may exist in a home when it comes to dealing with personal finance.

To learn more about ABC Life Literacy Canada's recommendations to the National Task Force on Financial Literacy and the Money Matters Program please visit www.moneymatterscanada.ca

About ABC Life Literacy Canada:
ABC Life Literacy Canada is a non-profit organization that inspires Canadians to increase their literacy skills. We mobilize business, government and communities to support lifelong learning and achieve our goals through leadership in programs, communications and partnerships. ABC Life Literacy Canada envisions a Canada where everyone has the skills they need to live a fully engaged life. For the latest news and information on adult literacy please visit www.abclifeliteracy.ca, follow us on Twitter or join our Facebook page.

SOURCE ABC Canada Literacy Foundation

For further information:

Media Contacts:
Anthony Alfred    Nadia Flaim
Director, Communications   Manager, Communications
ABC Life Literacy Canada   ABC Life Literacy Canada
Tel: 416 218-0010 ext. 126    Tel: 416 218-0010 ext. 122
aalfred@abclifeliteracy.ca   nflaim@abclifeliteracy.ca

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ABC Canada Literacy Foundation

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FINANCIAL LITERACY

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