Workers need financial literacy boost: Report

Educating employees about money can lower stress, distractions at work
By Amanda Silliker
|Canadian HR Reporter|Last Updated: 03/14/2011

Employers have a critical role to play in improving the financial literacy of Canadians, according to a new report by the federal minister of finance’s Task Force on Financial Literacy. The report cites 30 comprehensive recommendations to strengthen the country’s understanding of personal finances through a government-sponsored national strategy.

“There’s no doubt that people’s financial difficulties stem from a lack of knowledge and understanding of the financial system — how to use credit cards, manage money and how to make sound financial decisions,” said Laurie Campbell, a task force member and executive director at Credit Canada in Toronto. “A national strategy will allow individuals to have information available to them in these areas.”

The recommendations fall into five priority areas: shared responsibility, leadership and collaboration, lifelong learning, delivery and promotion, and accountability. The lifelong learning component is of particular interest to employers.