Research into the industry's relationship with Canadians revealed that many people have unanswered questions about today's financial world. As part of the new communications program, the CBA today released a survey that identifies the specific information Canadians say they need. Simply put, we asked, we listened and we are responding. The Survey of Canadians' Economic and Financial Understanding revealed that only eight per cent of Canadians say they are very knowledgeable about the economy. But more than two-thirds say they could improve their own financial future if they knew more about the economy and how it affects them.
Further details are available in the attached highlights and survey report.
Beginning in the spring, the banking industry will use a full range of communications tools from brochures and electronic materials to conferences and seminars to help get more financial and economic information into the hands of Canadians. The CBA is creating a National Advisory Council of educators and other professionals to help develop and advise on the best way to get the needed information to Canadians. The members of the council will be announced shortly. We've spent more time managing change than we have communicating what that change means. Our industry is very late in recognizing and acting on the obvious - We have not been good communicators.