Ottawa – Cathy McLeod, Member of Parliament for Kamloops – Thompson – Cariboo was pleased to speak to Private Member’s Motion No. 269 calling for improvements to financial literacy, which was sponsored by the Chair of the Finance Committee, James Rajotte.

The motion recommends that the government respond to the recommendations of the Task Force on Financial Literacy. These include:

• creating, promoting and continuously upgrading a single source website for financial literacy to increase public awareness and ease access to information for Canadians;
• requiring federally regulated financial institutions to publicly disclose their contributions to financial literacy initiatives;
• ensuring the Financial Consumer Agency of Canada works with willing provinces and territories to promote financial literacy to youth through the education system; and
  designating November as financial literacy month.

“We live in an increasingly complex financial world of investment and credit products, whose characteristics and risks have become much more difficult to comprehend,” said McLeod. “Financial products available to Canadians continue to rapidly expand and the complexity of such products can make it very difficult for most of us to fully understand the risks, the fees, and the potential returns.”

In Canada's Economic Action Plan of Budget 2009, the Conservative government outlined key steps to protect consumers with regard to financial services and products. First, the government enhanced consumer protection measures dealing with credit cards and mortgage insurance.

Second, we established the Task Force on Financial Literacy to make recommendations to create a cohesive national strategy to improve financial literacy in Canada. The task force delivered its final report on February 9, 2011, entitled “Canadians and Their Money: Building a brighter financial future”.

“The report outlined 30 recommendations to improve the financial literacy of Canadians and was very well-received,” said McLeod. “I agree with the statement released by the non-profit Canadian organization ABC Life Literacy, who stated ‘Every Canadian should have the literacy skills they need to live a fully engaged life. The Task Force has strongly encouraged that financial literacy be recognized as an important life skill to help Canadians thrive in workplaces, homes and communities’.”

“The report acknowledged that improving financial literacy helps consumers make knowledgeable and confident decisions toward achieving their financial goals. At the same time, through our Action Plan, the government has strengthened Canada's financial system and protected Canadians' hard-earned savings,” concluded McLeod.