CPA Canada’s Financial Literacy Program:
Striving to improve the financial literacy of Canadians at the grassroots level
O
n March 24, 2015, financial literacy
took centre stage at the Sutton
Place Hotel in Vancouver during a
special reception held by CPA Canada. The
evening served as both a volunteer appreciation event and an information session for
CPA Canada’s Financial Literacy Program.
Serving as keynote speaker was Jane
Rooney, Canada’s first-ever financial literacy
leader. Appointed to the role in April 2014
by the Government of Canada, Rooney
works under the umbrella of the Financial
Consumer Agency of Canada, collaborating
with the National Steering Committee on
Financial Literacy and stakeholder groups
across the country to develop and implement
a national strategy.
Speaking before the assembled volunteers,
who are part of the Financial Literacy Program’s Community Connect network, and
other stakeholders, Rooney described the
progress made by her office since the spring
of 2014, and thanked the CPA profession for
being an active partner in strengthening the
financial literacy of all Canadians, saying:
“CPA Canada’s Financial Literacy Program is
instrumental in achieving our goal of improving financial literacy in BC and throughout
Canada.”
To stress the importance of such programs,
Rooney cited results from the 2014 Canadian
Financial Capability Survey, which indicate
that Canadians continue to face challenges
when it comes to financial decision-making.
According to the survey:
• 0% of young Canadians are not
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confident about their financial
knowledge;
• 0% of Canadians don’t know how much
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they’ll need to save to maintain their
desired standard of living in retirement;
• nly 45% of Canadians have household
O
budgets; and
• pproximately 30% struggle to pay their
A
bills.
20 CPABC in Focus •May/June 2015
Canada’s financial literacy leader Jane Rooney thanks CPA Canada’s Community Connect volunteers for their efforts in improving financial literacy
across the country. Photo by Darryl Dyck/The Canadian Press Images.
The mission of CPA Canada’s Financial Literacy Program is to give Canadians of all ages the
skills, knowledge, and confidence required to make the best possible financial decisions for
their individual circumstances, and to help individuals achieve the level of prosperity needed to
accomplish their life goals. Now in its third year, the program’s Community Connect initiative
has 11,000 professional accountants—including over 300 members from BC—registered, trained,
and prepared to conduct free financial seminars in communities across the country.
Said Rooney: “I congratulate the impressive number of CPA volunteers who are stepping up
to provide Canadians with free financial education sessions.”
Next to speak was Joy Thomas, FCPA, FCMA, executive vice-president of CPA Canada.
“Our research shows that many Canadians do need help with the basics when it comes to saving
more, spending less, and reducing debt,” Thomas said. “It’s essential that we continue to work
together and provide the information and assistance required by Canadians.”
Thomas shared some key results from CPA Canada’s Canadian Finance Study, which was
conducted in 2014:
• 9% of respondents are borrowing to buy big-ticket items, and 46% still owe on these
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loans;
• 5% thought they should be spending more time reviewing and evaluating their personal
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finances;
• 4% of those who’ve borrowed money or carried a credit card balance have done so with
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an interest rate of 8% or more; and
• 7% have borrowed money to cover day-to-day expenses.
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Up next to the podium was Cairine Wilson, CPA Canada’s vice-president of corporate
citizenship, who talked about some new financial literacy initiatives the organization has in the
works.