That’s why it’s disappointing to see banks, advice firms, investment dealers and mutual fund companies treated solely like part of the solution to the lack of financial literacy in Canada, and not part of the problem as well.
Better disclosure from the financial industry of fees, rates, terms and conditions is an important way to make Canadians savvier about money. And yet, the recommendations that the federal task force on financial literacy made public last Wednesday largely ignored this issue.
Overall, the task force report has come up with some good suggestions that will help boost our financial IQ in Canada. That fact that it didn’t go further relates to the influence the banking and investment industry has in this country over all matters financial.