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CUPE National President Paul Moist presented CUPE’s solutions for improving financial security for working Canadians to the Task Force on Financial Literacy.

The Task Force will make recommendations to the Minister of Finance on a national strategy to improve financial literacy in Canada in December of 2010.

CUPE’s key arguments to the task force were as follows:

  • We cannot address financial literacy issues without acknowledging that there are significant literacy challenges in the workplace. Governments must invest in literacy and training programs, and unions and employers must work together to ensure that pension and benefits information is communicated clearly and accessibly.
  • To truly protect Canadians from fraud and market instability, we need more tightly regulated financial markets, a financial transactions tax to act a disincentive for speculators, and tougher penalties for white-collar crime.
  • Canadians will be more enthusiastic about savings plans they can actually afford. Private savings models, such as the RRSP system, exclude too many of Canada’s low income workers.
  • Mandatory enrollment and shared risk among a large group of people better serves the majority of Canadians, as opposed to voluntary enrollment and individual risk. Expanding the CPP would provide the most secure retirement savings plan to the largest number of Canadians.

You can also make sure that your voice is heard. The task force is accepting comments online until May 13th.