PROMOTING FINANCIAL LITERACY IN CANADA
The Canadian Federation of University Women (CFUW) and CFUW Moncton strongly support the promotion of financial literacy in Canada. Members of the CFUW voting body adopted the following policy at the national Annual General Meeting of CFUW in Winnipeg (Manitoba) in August 2009:
RESOLVED, That “Financial Literacy” be recognized as an essential life-skill that includes amongst its critical components
- Financial knowledge and understanding,
- Financial skills and competence,
- Financial decision-making responsibility,
- Understanding credit and money management,
- Understanding taxes, pensions and benefits and savings,
- Understanding the legal and financial implications of one’s civil status.
RESOLVED, That the Canadian Federation of University Women (CFUW) strongly support the immediate development and implementation of a national strategy for financial literacy, with public consultation.
RESOLVED, That CFUW urge the federal, provincial and territorial governments to allocate resources to the promotion and implementation of a financial literacy program to be delivered to adults of all ages and all circumstances by government agencies, employers and not-for-profit community organizations.
CFUW Moncton is an organization of more than 50 graduate women from the Moncton area. Along with three (3) other Clubs in New Brunswick (representing close to 150 women), CFUW Moncton is affiliated with the Canadian Federation of University Women (CFUW), a national voluntary, non-partisan, non-profit, self-funded, organization of 10,000 women graduates, associate members and students in Canada. CFUW is the largest national affiliate of the 79-member International Federation of University Women (IFUW), is working to raise the social, economic, educational and legal status of women and girls, and has supported equality rights for women since 1919.
Therefore, issues that are of concern to all CFUW members, are discussed in CFUW Clubs across Canada and again at the CFUW AGM. CFUW resolutions come from the grassroots of the organization and are the result of extensive research, debate, and commitment. When these resolutions are adopted they become CFUW policy.
Over 10,000 women of all ages in Canada think that immediate action should be taken to put in place a financial literacy program for Canadian families. “The stakes have never been higher. As families struggle to make ends meet, consumer debt has exploded” mainly due to “lack of fundamental skills” and bad financial decisions.
Background: We thank you for reading our submission. We hope that results of your consultations will prompt the Government of Canada to recognize Financial Literacy as indispensable for all Canadians, and to allocate resources for the promotion and implementation of a Financial Literacy program.