Financial Consumer Agency of Canada

Financial Consumer Agency of Canada

October 17, 2014 11:10 ET

Government of Canada Consults on the National Financial Literacy Strategy

Consultations will focus on other priority groups in the second phase of the Government's work towards a national strategy that is inclusive, relevant and accessible to all Canadians

SASKATOON, SASKATCHEWAN--(Marketwired - Oct. 17, 2014) - Financial Consumer Agency of Canada

Today, Minister of State (Finance) Kevin Sorenson, Canada's Financial Literacy Leader Jane Rooney and Member of Parliament (Saskatoon-Rosetown-Biggar) Kelly Block consulted on the development of a national strategy to strengthen the financial literacy of Canadians. Recognizing that not one size fits all, the second phase of consultations will help the Government develop an effective financial literacy strategy that meets the needs of all Canadians.

The consultation paper Toward a National Strategy for Financial Literacy, Phase 2: Priority Groups is intended to encourage discussion. It invites comments on how to bolster financial literacy for Canadians, including those with low incomes, newcomers to Canada, Aboriginal peoples and people with disabilities. Stakeholders from the public, private and non-profit sectors will take part in in-person sessions across the country. All Canadians are encouraged to submit their comments on the consultation paper by mail or email by December 10, 2014.

Quick facts

  • In Economic Action Plan 2013, the Government committed to working with partners to develop a financial literacy strategy that specifically responds to the needs of seniors.
  • The Government fulfilled this commitment by launching the Strengthening Seniors' Financial Literacy Strategy on October 16, 2014.
  • This seniors' strategy will be part of the national strategy for financial literacy to be released in 2015.
  • Aboriginal peoples, newcomers to Canada and low-income Canadians were identified as priority groups because the 2009 Canadian Financial Capability Survey found that they could benefit from further strengthening in at least three of the five areas that make up the Financial Literacy index.
  • Other research has shown that the low-income population includes disproportionate numbers of people with disabilities, women and single adults.
  • Consultations for the third phase of the national strategy for financial literacy will begin in November and will focus on the needs of children, youth and adults, generally.

Quotes

"Canadians are faced with a constantly evolving financial and economic world, with increasingly complex financial choices. Offering opportunities for all Canadians to learn and incorporate relevant financial knowledge and skills into their daily lives can have a profound impact on their financial well-being and our entire economy."

-Kevin Sorenson, Minister of State (Finance)

"Financial literacy is a critical life skills for all Canadians, regardless of age or financial circumstances. As we develop a national strategy for financial literacy, we want to hear from Canadians to ensure that it is inclusive, relevant and accessible for all Canadians."

-Jane Rooney, Financial Literacy Leader

"The Government of Canada has made financial literacy a priority. As I am focused on making Saskatchewan and Canada the best place to live, work, and start a family, an integral part of this is ensuring that my constituents and all Canadians gain the skills and have access to the tools they need to make the best financial decisions for their situation."

-Kelly Block, Member of Parliament (Saskatoon-Rosetown-Biggar)

Related products

- News release: Government of Canada releases financial literacy strategy for seniors

Associated links

- Economic Action Plan 2013

- Canada's Task Force on Financial Literacy and its recommendations

- Financial Literacy Leader

- National Steering Committee on Financial Literacy

- FCAC's educational programs

- Strengthening Seniors' Financial Literacy Strategy

- 2009 Canadian Financial Capability Survey

- Financial Literacy Month 2014

Contact Information

  • Office of the Minister of State (Finance)
    Mark Glendenning
    1-613-369-5696
    Mark.Glendenning@fin.gc.ca
    Follow @FinanceCanada on Twitter

    Financial Consumer Agency of Canada
    Natasha Nystrom
    Media Relations Officer
    1-613-941-4168
    Natasha.Nystrom@fcac-acfc.gc.ca

    Follow @FCACan on Twitter
    Like Financial Consumer Agency of Canada (FCAC) on Facebook
    Subscribe to FCACan on YouTube
    Follow Financial Consumer Agency of Canada on LinkedIn

    Financial Literacy Leader
    leader-chef@fcac-acfc.gc.ca
    #FinLitLeader on Twitter
    Like Financial Literacy Month in Canada on Facebook
    Join the Financial Literacy in Canada group on LinkedIn