Plight of Canadians triggered government action• Federal Task force on Financial literacy established in 2009

Public consultation nationally - received over 300 submissions from various concerned groups and organizations.

• CICA made oral and written submission focusing on key areas the government had to tackle in order to better educate Canadians on financial literacy.

• Issued report on February 2011 with 30 recommendations on a cohesive national strategy. Create and promote single source website to increase

awareness and ease access for Canadians. Require federally regulated financial institutions to publicly

disclose contributions to financial literacy. Designate November as Financial Literacy Month.

Provincial Initiatives• Ontario

GetSmarterAboutMoney.ca (Investors Education Fund)

Mandated financial education as part of the curriculum.

• Manitoba YourFutureSelf.ca

CICA Canadian Finance Survey 20121. Many are carrying debt at levels that make them

vulnerable to interest rate increases.• Almost half of those surveyed said that they

would be challenged to keep up with their mortgage/debt payments following a significant rise in interest rates.

• 43% said that they carried a balance on their credit cards in the past year, up from 34% in 2010.

• 60% borrow for big tickets items such as car or vacation.

• 17% have borrowed to cover day-to-day living expenses.

CICA Canadian Finance Survey 20122. Canadians need to begin saving for retirement

earlier.• Almost 60% save less than 10% of their annual

income. Individuals are saving less now than they did

in 2010.• Of those aged 55 of older, 43% said they have

not set aside enough for their retirement.• Nearly four-in-ten think they will need to work

past age 65 to pay off their debts.

CICA Canadian Finance Survey 20123. Some feeling better about their financial

situation.• Almost half indicated that their financial situation

had not changed year over year.• Encouraging sign is that two in five reported

improvement in their financial situation. By paying down their debt. Consolidating their debt at a lower interest rate. Improving their money management skills.

CICA Canadian Finance Survey 2012 Top five financial management skills wanted

1. Tips on minimizing taxes.

2. Advice on teaching kids about money and avoiding fraud.

3. Advice on managing money.

4. Tips on savings for children’s education

5. Saving for retirement.

CICA Youth Survey 20121. Youth are eager to learn money management skills at home

and want their parents to be good financial role models.• More than half of those surveyed (55%) said they worry

about money and 50% wish they were better at saving money.

• 93% believe their parents should be good financial role models for responsible financial decisions.

2. Parents who are most successful at teaching financial management skills talk to their teenagers about the family’s financial situation and how they manage their own money.

3. Canadian youth say they are confident in their financial skills but the research suggests that this confidence may not be justified.

Financial Decisions Matter ProgramFive Key Components1. CA Community Connect Program to deliver financial literacy

seminars via our member network.

2. Innovative new CICA publications:• A Parent’s Guide to Raising Money-Smart Kids• A Canadian’s Guide to Money-Smart Living

3. Consumer-focused website to strengthen financial literacy www.financialdecisionsmatter.com

4. Thought leadership through ground breaking research and unbiased/neutral information.

5. Partnerships and sponsorships to broaden reach and offset costs.

CA Community Connect Program

Member Support: CICA national member roll-out in 2012/13.Resources: CICA publications, webinars/online vehicles, turnkey volunteer mobilization kits (business case, leader’s guide, handouts, presentation and communication materials).

Eight Core Modules developed by CICA1. Are you a Good Financial

Role Model?2. How to Teach Your Kids

About Money3. Ten Healthy Habits of

Financial Management4. Effective Tax Strategies

5. Effective Budgets – How to Save More, Spend Less

6. Planning for your Retirement7. Estate Planning8. How to Prepare a Financial Plan

CICA PublicationsA Canadian’s Guide to Money Smart Living• provides easy-to-understand, step by step process

for Canadians to get their financial house in order.

A Parent’s Guide to Raising Money-Smart Kids• Information and tools to help parents

teach their kids (ages 5-21) about money.• Book excerpts and companion resources

will be available online – e-pub, and pdf and offline – hard copy.

• Launched February 2012 – very well-received by public and press e.g. over 50 media hits and 12 million impressions.

• Interest from numerous sources in using/adapting contents.

Consumer Focused Website

financialdecisionsmatter.com

financialdecisionsmatter.com

financialdecisionsmatter.com

financialdecisionsmatter.com

Thank You!For more information,

visit financialdecisionsmatter.com or email Li Zhang at li.zhang@cica.ca