Financial Consumer Agency of Canada

Financial Consumer Agency of Canada

May 25, 2011 10:06 ET

#FinLitConf-FCAC and OECD Present a Global Conference on Financial Literacy

"Partnering to turn financial literacy into action"

OTTAWA, ONTARIO--(Marketwire - May 25, 2011) - The Financial Consumer Agency of Canada (FCAC) and the Organisation for Economic Co-operation and Development (OECD) have partnered to present a global conference on financial literacy. "Partnering to turn financial literacy into action" will take place at The Westin Harbour Castle in Toronto (Ontario, Canada) on May 26-27, 2011. It will bring together close to 400 senior officials and experts from the private, public and voluntary sectors, as well as members of the academic community to learn and exchange ideas, share best practices and elevate the dialogue on financial education in the Canadian and international arenas.

With the global financial and economic turmoil of the past few years, many Canadians and other individuals around the world have been struggling with their personal finances. "Many people are having difficulties keeping track of their expenses, making their mortgage payments, reimbursing their credit card debts, building savings for emergencies and planning for their retirement; all the while struggling to make sense of increasingly complex financial information," explains FCAC's Commissioner, Ursula Menke. "Given these challenges, the momentum to increase financial literacy levels in Canada and around the world is stronger than ever. That's why FCAC and OECD are pleased to host this conference, which will focus on how we can help individuals improve their financial knowledge and the way they manage their personal finances," said Menke.

"The current international context calls more than ever for increasing action on financial education and awareness. The OECD, through its International Network on Financial Education (INFE) of 81 countries is committed to contribute actively to the global policy debate, developing international instruments based on good practices and supporting broad data collection necessary for the design of effective financial education strategies. This effort is further enhanced through the work of the OECD Task Force on Financial Consumer Protection currently addressing G20-related developments. The global attention to these issues should encourage us to continue engaging with international bodies, policymakers, private stakeholders and the civil community to further financially empower individuals and allow them to fully participate in today's society," stated André Laboul, Head of the OECD Financial Affairs Division and Chair of the INFE.

The Conference's objectives are to:

  • better understand how and why individuals make the financial decisions they do

  • examine how we can work toward changing attitudes and financial behaviours

  • highlight key players and lessons learned in the supply of financial literacy products and services

  • highlight international examples of effective financial literacy strategies

  • promote networking and cooperation among organizations from the private and public and voluntary sectors with a view to discussing and exchanging best practices

  • create new partnerships to further financial education.

The conference is open to invited delegates and accredited members of the media only. For more information about this event, please visit the conference's website: Partnering to Turn Financial Literacy into Action.

You can also follow the #FinLitConf hashtag on Twitter, which will be used by FCAC (@FCACan) and other Twitter users to gather tweets referring to the conference.

The Financial Consumer Agency of Canada (FCAC) www.fcac-acfc.gc.ca

The Financial Consumer Agency of Canada (FCAC) was established in 2001 by the Canadian government to strengthen oversight of consumer issues and expand consumer education in the financial sector. With educational materials and interactive tools, FCAC provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints bodies comply with legislation and industry commitments intended to protect consumers.

The Organisation for Economic Co-operation and Development (OECD) www.oecd.org

The OECD is an inter-governmental organization of 81 member countries, whose core mission is to help governments work together towards a stronger, fairer and cleaner global economy. Through its network of about 250 specialized committees and working groups, the OECD provides a setting where governments compare policy experiences, seek answers to common problems, identify good practices, and co-ordinate domestic and international policies. In order to respond to OECD governments' growing concerns over adverse affects of low financial literacy levels, a comprehensive and high-level project on financial education was launched in 2003. In the aftermath of the financial crisis, the OECD has further expanded its project to include emerging economies with the creation in 2008 of the International Network on Financial Education (INFE), which includes 81 countries and more than 160 public institutions.

FCAC and the OECD would like to acknowledge the contribution of the Russian/World Bank/OECD Trust Fund as well as the support this Conference received from the following sponsors and collaborators: TD Bank Group, the CAAMP Foundation, the Canadian Bankers Association (CBA), the Canadian Institute of Chartered Accountants (CICA), Citibank, the Canada Mortgage and Housing Corporation (CMHC), DundeeWealth, Genworth Financial, HSBC Bank, Human Resources and Skills Development Canada, the Insurance Bureau of Canada (IBC), the Investor Education Fund (IEF), the Office of Superintendent of Bankruptcy (OSB), the OmbudService for Life & Health Insurance (OHLI), RBC Royal Bank, Scotiabank, Sun Life Financial, The Exchange and Visa.

Media

Members of the media who would like to attend the conference must first register with the Financial Consumer Agency of Canada (FCAC). Please call Julie Hauser at 613-941-4168 or email media@fcac.gc.ca.

Social networks

Follow @FCACan and @OECD on Twitter

Subscribe to FCACan and OECD YouTube Channels

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