FCAC-OECD Release Financial Literacy Conference Report

The Financial Consumer Agency of Canada (FCAC) and Organisation for Economic Co-operation and Development (OECD) released a Financial Literacy Conference Report, The Future of Financial Education. The report highlights the growing recognition, in Canada and internationally, of the importance of financial literacy. It also shows how the greater availability of resources, information and good practices is helping develop strategic priorities, research, evaluation and programs.

In the wake of the 2008 financial crisis, one thing has become very clear: low financial literacy is a barrier to economic growth, nationally and globally. This is one of the findings outlined in the report.

The report also covers:
  • the development of national financial literacy strategies and the importance of collecting evidence to tailor these strategies
  • the need for effective delivery and evaluation of financial education programs
  • the question of access and availability of financial products and financial education programs
  • the relationship between financial education and behavioural economics/choice architecture, and
  • how consumer protection is a key component for building effective financial literacy programs and how it must be reinforced and integrated with other financial inclusion and financial education policies.