Canada's CAs: Active participants in the effort to improve financial literacy

TORONTO, May 12 /CNW/ - The Canadian Institute of Chartered Accountants (CICA) is committed to supporting the objectives of the federal government's Task Force on Financial Literacy.

Two CICA executives, Kevin Dancey and Cairine Wilson, were in Ottawa today to present recommendations on improving financial literacy to the Task Force. The presentation was based on the Institute's submission titled "Financial Decisions Matter".

"Financial education should be a lifelong endeavour that begins in childhood and continues through retirement," said Dancey, FCA, president and CEO, CICA. "We would like to see personal finance lessons incorporated in all school curricula."

"Schools are also an excellent channel for engaging parents and the wider community," added Wilson, vice-president, member services, CICA. "We recommend providing parents with resources to assist them in teaching their children about financial literacy."

Attitudes and knowledge about financial issues vary widely across segments of the Canadian population. Additional research will be needed to identify, target and respond to the needs of specific population segments.

"No one organization can address the issue of financial literacy on its own," said Dancey. "Implementing a national strategy requires a collaborative and sustained Canadian effort."

Chartered accountants are eager to get involved. "A recent CICA member survey indicated that more than half of the respondents are prepared to volunteer their talents and time to help improve financial literacy," said Wilson.

In the fall of 2010, the CICA will be introducing a financial literacy program designed to help Canadians from childhood to retirement. The free program will offer resources on understanding money management for life's major events such as post-secondary education, marriage and parenthood.

"Financial decisions do matter," stressed Dancey. "We look forward to working in concert with the Task Force in helping Canadians better manage their own financial destiny and that of future generations. Protecting and acting in the public's interest are the top priorities of Canada's CAs - a mandate that has defined us for over 100 years."

The CICA submission is available on-line (www.cica.ca/flsubmission).

The Canadian Institute of Chartered Accountants (CICA), together with the provincial, territorial and Bermuda Institutes/Ordre of Chartered Accountants, represents a membership of approximately 75,000 CAs and 12,000 students in Canada and Bermuda. The CICA conducts research into current business issues and supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government. It issues guidance on control and governance, publishes professional literature, develops continuing education programs and represents the CA profession nationally and internationally. CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA).

For further information: or to arrange an interview, contact: Tobin Lambie, Manager, Media, CICA, [phone], [email protected], www.cica.ca