Canadian Bankers Association

Canadian Bankers Association

September 22, 2010 16:15 ET

Canadian Bankers Association Welcomes Report From Task Force on Financial Literacy

TORONTO, ONTARIO--(Marketwire - Sept. 22, 2010) - The Canadian Bankers Association (CBA) today welcomed findings released by the Task Force on Financial Literacy, from its nationwide public consultations with Canadians. The CBA was among the many groups to submit recommendations to the Task Force for its creation of a national strategy to increase the financial literacy of Canadians.

"We are very appreciative of the work being carried out by the Task Force and were pleased to see that so many Canadians share our opinion of the importance of financial literacy and the need to educate students on financial matters in Canada's school systems," said Nancy Hughes Anthony, President and CEO, Canadian Bankers Association. "We have always believed that financially literate Canadians are a vital part of a strong national economy and look forward to the Task Force's final recommendations scheduled for later this year."

In April of this year the CBA put forward a submission to the Task Force, outlining a number of recommendations to increase the financial literacy of Canadians. Among these, the CBA suggested including financial training as part of secondary school curriculum; reviewing all financial literacy programs already in place; providing a central hub where Canadians can go to learn of these existing programs and; in acknowledgement of the influence that families have in shaping young people's healthy attitudes toward money, providing tools to help parents educate their children about financial matters. 

The CBA and its member banks have been dedicated to boosting financial literacy levels for years. For over a decade, the CBA has brought financial literacy to Canadians through its high school seminar program, YourMoney, which has taught more than 192,000 senior high school students about budgeting, borrowing, saving, investing, and protecting themselves from fraud. The non-commercial seminar uses volunteer bankers from the local community to teach young Canadians about responsible money management. YourMoney is offered in collaboration with the Financial Consumer Agency of Canada (FCAC).

The Canadian Bankers Association works on behalf of 51 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 260,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions.

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