Not sure that the banks are the best place for information on how the
economy works. Sort of like having GM explain the transportation
system--it will sure be biased toward the automobile.
arthur cordell
On Tue, 13 Jan 1998, Tom Walker wrote:
> http://www.cba.ca/eng/building_index.htm
>
> BANKS RESPOND TO CANADIANS' NEED
> FOR BETTER ECONOMIC AND FINANCIAL
> INFORMATION
>
> January 13, 1998
>
> TORONTO - The banking industry today announced a major
> commitment to "Building a Better Understanding" - a
> long-term program to enhance its relationship with Canadians.
>
> "It's no secret to anyone that our industry faces a
> communications challenge," said Raymond Protti, President of
> the Canadian Bankers Association. "Clearly, we have work to
> do to improve our dialogue with Canadians. The commitment
> we are making today will help us do that."
>
> 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.
>
> "We're making a promise to help provide more information
> about the economy and today's changing financial world," said
> Mr. Protti. "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.
>
> Even though most Canadians say they lack a basic
> understanding of the economy, the survey found 90 per cent
> believe it is important to know how the economy works, with
> almost half (45 per cent) saying this is very important for their
> own financial planning.
>
> The random survey of 1,500 Canadians, conducted nationally
> November 3-10, was sponsored by the Canadian Bankers
> Association in co-operation with the Canadian Foundation for
> Economic Education. 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.
>
> "Today is an important step in our industry's effort to improve
> our communication with Canadians," said Holger Kluge,
> Vice-Chairman of the CBA and President of CIBC Personal
> and Commercial Bank. "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."
>
> In addition to wanting to know more about the economy, the
> survey found that Canadians want more information on some
> areas of personal finance, including providing for their
> children's education, retirement planning, investing, and starting
> a small business.
>
> "Canadians understand they need more information about how
> economic factors, such as inflation and deficits, affect their
> lives," said CBA Vice-Chairman Leon Courville, President
> and Chief Operating Officer of National Bank of Canada.
> "What they want - and what the industry will help deliver - is
> information they can use."
>
> The CBA aims to start raising awareness of this commitment
> through a television commercial that will begin running
> nationally tonight.
>
> Established in 1891, the Canadian Bankers Association is a
> professional industry association representing Canada's
> chartered banks, both domestic and foreign, which employ
> more than 221,000 Canadians.
>
> -30-
>
> SURVEY OF CANADIANS' ECONOMIC AND
> FINANCIAL UNDERSTANDING HIGHLIGHTS
>
> Only eight per cent of Canadians say they are very
> knowledgeable about the economy.
>
> Two-thirds say they could improve their own financial future if
> they knew more about the economy and how it affects them.
>
> Nine in ten people believe it is important to know how the
> economy works, with almost half (45 per cent) saying this is
> very important for their own financial planning.
>
> When asked, seven out of ten Canadians could not identify the
> current inflation rate.
>
> Almost six out of ten people didn't know the amount of either
> the federal deficit or debt.
>
> One-third of Canadians believe incorrectly that mutual fund
> investments are insured like deposits at banks, trust companies
> and credit unions.
>
> 53 per cent of Canadians expect today's youth will be worse
> off than their parents, reversing the long-standing notion that
> every generation will be better financially than the previous
> one.
>
> Fewer than two in ten Canadians (17 per cent) can be
> considered knowledgeable about the economy, according to
> an overall index of Canadians' economic and financial
> understanding derived from a series of survey questions.
>
> A large majority of people (83 per cent) has only limited or
> extremely limited economic knowledge, according to the
> survey's overall index.
>
> Regards,
>
> Tom Walker
> ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
> Know Ware Communications
> Vancouver, B.C., CANADA
> [EMAIL PROTECTED]
> (604) 688-8296
> ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
> The TimeWork Web: http://www.vcn.bc.ca/timework/
>
>
