IFIC Supports the Recommendations Outlined in the Report of the Task Force on Financial Literacy

February 9, 2011

TORONTO – Investment Funds Institute of Canada (IFIC) President & CEO Joanne De Laurentiis issued a statement today supporting the report of the national Task Force on Financial Literacy – Canadians and Their Money: Building a Brighter Financial Future (the Report).

“IFIC commends the work done by Don Stewart and the members of the Task Force”, Ms. De Laurentiis said. “In their report they have provided an excellent blueprint for strategies and initiatives to improve the overall level of financial literacy of Canadians of all ages. In welcoming the report, the Honourable Jim Flaherty and the Honourable Denis Lebel have move us closer to achieving a much needed comprehensive national strategy on financial literacy,” Ms. De Laurentiis added.

IFIC made a submission to the Task Force in May, 2010, which included a series of recommendations and a commitment by the investment industry to do its part to improve financial literacy across the country. “We heartily endorse the report‘s finding that building financial literacy must be an ongoing and shared activity,” said Ms. De Laurentiis.

“We are particularly gratified to see a number of IFIC recommendations reflected in the Task Force’s findings,” Ms. De Laurentiis added. Key elements of IFIC’s presentation reflected in the final Task Force Report include the importance of:

• Building on the work of a number of provinces by engaging all provinces in the development and implementation of a national education strategy;
• Educating investors on the role financial advisors can play as valuable partners in assisting individuals to navigate important milestones in their lives; and
• Establishing a national body to act as a clearing house in order to maximize the dissemination and effectiveness of existing resources and new initiatives.

The complete text of Joanne De Laurentiis’ remarks, as well as IFIC’s submission to the Task Force on Financial Literacy, are available on the IFIC website at www.ific.ca.

IFIC is the national association of the investment funds industry. Membership consists of mutual fund companies, retail distributors and industry affiliates.


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For more information contact:
Laurie Gillett
Senior Manager, Communications
The Investment Funds Institute of Canada (IFIC)
Phone: 416-309-2317
Email: lgillett@ific.ca
Website: www.ific.ca

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