Dr. Jiaying Zhao, Canada Research Chair and assistant professor in the department of psychology at UBC, has been named one of the new members of the Financial Literacy Sub-Committee by the Financial Consumer Agency of Canada.
The Financial Literacy Research Sub-Committee works to inform the implementation of Canada’s National Strategy for Financial Literacy. Developed in 2015 the Strategy for Financial Literacy seeks to inform and empower Canadians to manage money and debt wisely, plan and save for the future, and prevent and protect against fraud and financial abuse. The research sub-committee will apply emerging findings from the fields of psychology and behavioural science to enhance the understanding of consumer decision-making.
Dr. Zhao joins the committee with a research background in the psychological causes and consequences of poverty.
“This is an amazing opportunity for me or any behavioural scientist to contribute the financial wellbeing of Canadians. My priority is to increase the capacity for better financial planning, budgeting, and saving among low-income Canadians.”
One of six new members joining the thirteen-person team, Dr. Zhao will collaborate with a wide range of researchers from across Canada and the United States.
“The objective of refreshing the composition of the sub-committee is to ensure fresh ideas and genuine representation of the social realities within our country, says Lucie Tedesco, Commissioner, Financial Consumer Agency of Canada. “What remains constant is FCAC’s firm commitment to all Canadians, including populations who are most vulnerable to financial struggles – and who stand to gain the most from understanding and acting on their rights and responsibilities as financial consumers.”
Over the course of its two-year mandate, the Sub-Committee will also develop and implement a knowledge transfer strategy that will help bridge the gap between financial research and practice.
Read the full announcement.
