Every day, we must make multiple decisions that have to do with money, whether it's getting groceries, filling up the car with gas or buying lunch. Then, there are longer-term choices to make, such as the kind of credit card we have, the cell phone provider we use, or the mortgage contract we sign.
Insurance, investments, RRSPs, RESPs, TFSAs, as well as other credit and debt issues can be overwhelming for the average person and when someone does not have the knowledge to make the correct decisions in any one of these areas, it can cost them financially.
Starting April 6, the Task Force on Financial Literacy is embarking on an ambitious national cross-country tour to visit 14 Canadian cities to determine how we as Canadians can become more financially fit. Myself and 12 other Canadians were appointed to the task force by Finance Minister Jim Flaherty and we are to make recommendations to him by the end of this year.
The hearings come at a difficult time for many Canadians. Debt levels are at record highs, interest rates are about to climb and many people are still reeling from watching their investment portfolios take a massive hit following the worst downturn in the economy since the Great Depression.
The Canadian Financial Capability Study done for the task force found some troubling numbers, including:
- 12 per cent of Canadians admit to being behind on some kind of payment or payments for two consecutive months
- 24 per cent admit to being weak in keeping track of their finances
- 30 per cent of those asked said they are not planning for their retirement at all
- 34 per cent admitted to struggling to keep up with their finances
Due to the pressures of everyday life, the cost of acquiring an education, raising a family, changing jobs, paying bills and saving for the future, most people will always struggle to save money. But a population that is educated on money matters will be better able to plan, save and prosper.
I urge you to check out the following website for more information:
If you have any questions, concerns or wish to offer you own advice on how Canadians could become more financial literate please do. All the information is located on the website. All the best to you with your own financial situation.
Following is a list of the scheduled sessions and locations:
- Vancouver (Westin Hotel Bayshore) – April 6
- Yellowknife (Explorer Hotel) – April 6
- Calgary (Westin Hotel Calgary) - April 7
- Saskatoon (Delta Hotel Bessborough) – April 8
- Winnipeg (Delta Hotel Winnipeg) – April 9
- Montreal (Hotel Intercontinental) – April 19
- Toronto (Fairmont Royal York) – April 19
- Montreal (Hotel Intercontinental) – April 20
- Halifax (Delta Hotel Barrington) – April 20
- Charlottetown (Rodd Hotel Charlottetown) – April 21
- Moncton (Crowne Plaza Hotel Moncton Downtown) – April 21
- St. John's (Sheraton Hotel Newfoundland) – April 22
- Iqaluit (Frobisher Inn) – April 23
- Whitehorse (Best Western Gold Rush Inn) – April 27
- Toronto (Fairmont Royal York) – May 11
- Ottawa (Government Conference Centre) – May 12-13
All Canadians are invited to participate and can do so by making a formal submission, by participating in the public hearing or by taking part in the interactive online forum.
Individuals and groups who would like to present their views to the Task Force at one of the public hearing must make a request to do so, as space is limited.
There is a 15-minute maximum for each presentation. This will consist of a five-minute presentation following by 10 minutes of questions and answers with the Task Force.
