March 27, 2018

Financial Literacy Added to the Competitive Innovation Nation Campaign

Financial Literacy

The CATAAlliance Team has put together a set of Three Advocacy Communiques to serve as a stimulant that will encourage Canadians to discuss and debate important issues. We want to let our governments know that they need to re-examine the role they play. The issues are:  Debt and Deficit, Financial Literacy and Inclusive Fairness.

Ottawa, ON…CATAAlliance, Canada’s One Voice for Innovation lobby group has added financial literacy as a core policy plank for its Competitive Innovation Nation Campaign designed to advance Canada’s innovation and competitiveness rankings.

This new plank in the CATA policy platform compliments our efforts to help industry. See the full policy list here: http://cata.ca/2018/innovation-nation-policy-planks/ 

Financial literacy is commonly defined as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.”

According to one of Canada’s most successful technology innovators, Terry Matthews, who is founder & Chair, Wesley Clover International, Chair, Mitel & CATAAlliance Spokesperson, “ The lack of financial literacy is one of the top problems affecting all segments of society and the economic future of Canada, including our ability to support safety nets in times of downturn.”

In an editorial entitled, Prime Minister Trudeau’s Bad Balance Sheets are Bad News for Canada, CATAAlliance pointed out that:

  • Canada’s combined federal and provincial net debt nearly doubled from $833 billion in 2007 and 2008 to a projected $1.4 trillion in 2016 and 2017, for a combined debt that equals 67.5 percent of the Canadian economy, or $37,476 for every man, woman, and child in Canada.
  • The OECD reports Canada’s household debt-to-GDP ratio had ballooned to 101 percent — significantly higher than any of the 35 developed and developing countries the OECD monitors.
  • Canada now leads advanced economies in private-debt accumulation, which is one of the best predictors of economic crises.

In regard to the recent federal budget, CATAAlliance was among the groups questioning the government’s management of financial resources. Government has failed to be a leader in financial literacy and the nation will pay a price for that failure.

CATA CEO,  John Reid noted, “Simply put, we are over leveraged in Canada. We need to have leadership and role models who champion strengthening all balance sheets in Canada, whether it’s you or I in debt situations, whether it’s the provinces, or whether it’s the federal government, because you cannot sustain a social envelope without a strong economic envelope.”

Reid concluded, “Fostering financial literacy education and encouraging all Canadians to build strong balance sheets will strengthen our economy and that will advance the mission of advancing Canada’s global innovation and competitiveness rankings.”

 About CATAAlliance
Interact with your Innovation Peer Group Now
http://www.linkedin.com/groups/Canadian-Advanced-Technology-Alliance-CATA-37239/about

The Canadian Advanced Technology Alliance (CATAAlliance) is Canada’s One Voice for Innovation Lobby Group, and is crowdsourcing ideas and guidance from thousands of opt in members in moderated social networks in Canada and key global markets. (No Tech Firm Left Behind)

Support CATA Advocacy Today through Crowdfunding

Contact: CATAAlliance CEO, John Reid at email jreid@cata.ca, tel: 613-699-8209, website: www.cata.ca, tags: Innovation. Leadership, Entrepreneurship, Advocacy