The Task Force on Financial Literacy has released a report summarizing the public consultations it carried out earlier this year.

The report, released Wednesday summarizes the principal themes, issues and suggestions the task force heard in its consultations, including:

> the need for tools to assist people with budgeting, saving and debt repayment; the need for clear and simple financial documents from both the private and public sectors;

> the growing sophistication and reach of financial fraud;

> the need for co-ordination and collaboration among the many organizations currently delivering financial literacy programs and information; and

> the need for improved monitoring and evaluation of financial literacy programs.

During its consultation, the task force met face-to-face with 175 organizations and individuals in 14 communities across the country, and it received over 300 submissions and hundreds more comments through its online forum. It is preparing a report for the Minister of Finance, due at the end of the year.

“We look forward to presenting our final report to the minister, which will be based on our public consultations and also new and existing research, discussions with those involved on the ground and in reviewing Canadian and international best practices,” said the task force’s chairman, Donald Stewart, CEO of Sun Life Financial Inc. (TSX:SLF).

IE