When people are asked about their greatest fears, you might be surprised by the results.

In recent polls, I have seen public speaking rank ahead of getting cancer and being stricken by terrorist attacks!

Apparently in Canada, the list would be different still. A recent article in the Toronto Globe & Mail reported that in a recent Angus Reid Strategies poll of 624 Canadian parents, talking about finances with their children was one of their greatest fears. Over all, the Moms and Dads surveyed felt better prepared to discuss sex, drugs and alcohol than to broach the topic of finances. And I thought that the conversation about the “birds and the bees” was enough to break a sweat!

According to Sarah Boesveld’s article, the survey findings shine a light on the real state of adult financial literacy and points to the particular squeamish-ness of Canadians about financial conversations. Steve Garmaise, associate director with Foundation for the Advancement of Investor Rights (FAIR) was a bit more opinionated, saying “most Canadians and most parents are fairly ignorant about financial matters…and would rather hand it off to someone else.”

I would venture to add that Canadians are not alone in this regard. This is yet another reinforcement of a clear opportunity in the marketplace, and the enterprise which is able to communicate financial basics and planning skills to the public without making them uncomfortable can create loyalty among its customer base without giving away the first point or mile.

Who is better to assume this leadership role than commercial banks? Banks have multiple channels through which they can communicate (retail branch networks and secure internet banking portals) and enjoy a high frequency/high visit environment. They have an edge over competitors including brokerage firms and insurance companies which have less frequent interaction with their clients and can be too narrowly product focused.

Having just written about Social Banking and illustrating how Bank Of America is launching products designed to address consumer’s need for financial product transparency, the Canadian survey is interesting and timely. The question is: how should a bank go about executing a financial literacy campaign?

Do you include features of Financial Literacy in a relationship banking model, or is it better to skip the rewards and focus on delivering a clear message and creating trust that the products recommended are the ones a person actually needs? Time will tell, but I do believe that “what doesn’t kill you makes you stronger“. For banks, this means that flagging consumer confidence in their offerings coming out of this recession can be used as a golden opportunity.

Banks can rebuild their brands and stake out a competitive edge in the near term through marketing products as financial advocates for their clients and with a message based on value and transparency. This is the time to leave the disclaimers, fine print, and hidden clauses out of product offers. No Loyalty Asterisk™ here, please! Sun Trust is talking about “Banking Solid“and Bank of America is leading with its innovative approach to credit cards and mortgages.

Let’s see which organization makes this message a part of the core brand message, not just a convenient fad that dries up and blows away when times get better.

I love to connect the dots. And, for all that is wrong with business air travel, there is also something right about it. In an always connected world, it is great to have a respite from everything digital.

My personal hope is that the offer of Internet access during commercial air travel fails miserably. As humans, we need space in our lives. We need to have down time and to rest in our thoughts without the compulsion to activity that drives most of our days.

So it is that, on a flight to Toronto, I connected the dots between “Social Banking” and “Financial Literacy“, a topic made popular by banks rebuilding their brands as they emerge from this tough recession.

I recently read an insert in US Banker about the “growing trend of Social Banking”. With due respect, the two page advertorial said little specific about how banks might use social media tools to promote their brands and enhance profitability. The article cited only one meager example of a bank having started a blog and twitter account to pitch product bundles and low interest rate offers to potential clients.

Reading the WSJ on the flight, I noticed a full page ad from Bank of America, promoting “Clear, easy-to-understand products. Just what you asked for.”

Before I turned the page, dismissing the bold print as another empty marketing promise, I read further and understood that BofA was highlighting changes to its Overdraft Coverage policy and was introducing a new card product, “BankAmericard Basic Visa Card” as well as a mortgage-related service “Home Loans Clarity Commitment“.

Despite the throw back name of the card product (I thought BankAmericard went away with the Brooklyn Dodgers) the idea was right. “Some customers just want a basic card, that’s it“, read the copy….. “And this is it. One rate, however you use your card and no over-the-limit fees.”

To successfully execute a social media strategy, business needs to have something to say. Manufacturing a message or “soliciting your opinion” can be perceived as phony in the Blogosphere and among “tweeps” in the Twitter world.

If I were the person responsible for BofA’s social media strategy (do they have one?), I would lead with my understanding of consumer needs in these tough times and promote financial literacy, not in a philosophical way, but through demonstration of the new products and services being developed to help consumers manage their financial lives.

That’s the future of “social banking”.