Why Millions of Canadians Never Make it to Financial Advice

Jan 9, 2026

Ask episode

Chapters

Transcript

Episode notes

In this episode of Insight Is Capital, host Pierre Daillie sits down with Mélanie Valcin, President and CEO of United for Literacy, and Matthew Latimer, Executive Director of the Federation of Independent Dealers, for a powerful conversation at the intersection of literacy, financial advice, and economic inclusion.Together, they unpack a sobering reality: one in five working-age Canadians struggles with basic literacy, a barrier that quietly cascades into poor financial outcomes, limited access to advice, workforce stagnation, and rising social costs. Valcin shares on-the-ground stories from communities across Canada—food banks, mining towns, and correctional facilities—illustrating how targeted, trust-based literacy programs can rapidly transform lives. Latimer brings the financial lens, explaining how low financial literacy leaves Canadians vulnerable to costly mistakes, scams, and long-term retirement risk, while also constraining the reach and effectiveness of professional financial advice.The conversation makes a compelling case that literacy—reading, digital, and financial—is not a “soft” social issue, but core economic infrastructure, and argues for a coordinated national strategy that brings together government, educators, industry, and financial advisors themselves.3 Key Takeaways• Literacy Is Economic Infrastructure Improving literacy by just 1% could add $60–$90 billion to Canada’s GDP, while simultaneously reducing pressure on social services and the justice system.• Financial Literacy Gaps Lock People Out of Advice Fewer than two-thirds of Canadians can answer basic questions about interest, inflation, or diversification—leaving millions unable to engage confidently with advisors, savings tools, or retirement planning.• Local, Human-Centered Solutions Work Literacy programs succeed when they meet people where they are—community centers, workplaces, food banks—and when advisors and professionals use clear language instead of jargon.Chapters00:00 – Why Literacy Is Canada’s Hidden Economic Crisis Pierre sets the stage: literacy as a foundation for financial and social participation.02:20 – Meet the Guests: Literacy and Financial Advice Collide Introductions to Mélanie Valcin and Matthew Latimer.05:20 – One in Five Canadians Can’t Read at a Functional Level The scale of the problem—and why it’s getting worse.12:40 – How Community-Based Literacy Programs Change Lives Real-world examples from food banks and workplaces.15:10 – A Mining Town Story: Literacy as Career Mobility How six weeks of digital literacy unlocked advancement.21:00 – Literacy, Incarceration, and Systemic Inequality Why access—not effort—is often the missing link.29:50 – Financial Literacy: The Cost of Not Understanding Money RRSPs, TFSAs, and the silent damage of confusion.33:30 – Scams, AI, and the Rising Risk to Retirement Security Why low literacy magnifies modern financial threats.40:30 – Clear Language and the Role of Advisors How advisors can bridge the gap through education and outreach.45:15 – A Call to Action: National Strategy & Community Involvement Why Canada needs a coordinated literacy push—now.#FinancialLiteracy #LiteracyMatters #AccessToAdvice #CanadianEconomy #InvestorEducation #FinancialInclusion #RetirementPlanning #ClearLanguage #EconomicOpportunity #InsightIsCapital