The launch of the Financial Goal Calculator helps wrap up Financial
Literacy Month 2013
OTTAWA, Nov. 29, 2013 /CNW/ - Canadians of all ages, whether it is those
paying down student debt, saving to buy their first home or planning
their retirement, often feel overwhelmed when they try to set short or
long-term financial goals. Today, the Honourable Kevin Sorenson,
Minister of State (Finance), and Lucie Tedesco, Commissioner of the Financial Consumer Agency of Canada (FCAC), unveiled the Financial Goal Calculator; a new tool that will help Canadians of all ages plan and reach their
FCAC's free, easy-to-use, interactive online Calculator helps Canadians
meet their financial goals in three areas:
"The Financial Goal Calculator will be a valuable tool for Canadians no
matter their age," said Minister Sorenson. "With this new resource and
our Government's Economic Action Plan 2013, we are working to give
Canadians the tools they need to plan and manage their finances."
"The Financial Goal Calculator is unique because it can be used in a
variety of ways. It goes beyond retirement planning," said Lucie
Tedesco, FCAC Commissioner. "Users just have to answer a few questions
and enter their own financial data, and the tool helps them create a
realistic plan they can follow."
FCAC received assistance from Employment and Social Development Canada, as well as the Actuarial Foundation of Canada and the Chartered Professional Accountants of Canada to develop and test the Calculator.
"This user-friendly tool will allow seniors and those nearing their
senior years to better plan for, and live in, retirement," said the
Honourable Alice Wong, Minister of State (Seniors). "By breaking down
the key elements of retirement finances, the Calculator can assist them
in reaching their financial goals come retirement."
The launch of the Calculator brings to an end Canada's Financial
Literacy Month 2013 - a month during which Minister Sorenson,
Commissioner Tedesco and many others have been raising Canadians'
awareness of the need for greater financial literacy and during which
Canadians have been learning more about money management. Hundreds of
events across the country were hosted by various organizations from the
public, private and voluntary sectors to increase Canadians' financial
savvy; an important life skill that can be acquired or strengthened at
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.
You can reach us through FCAC's Consumer Services Centre by calling
toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by
visiting our website: itpaystoknow.gc.ca.
Image with caption: "November is Financial Literacy Month in Canada (CNW Group/Financial Consumer Agency of Canada)". Image available at: http://photos.newswire.ca/images/download/20131129_C6086_PHOTO_EN_34085.jpg
Image with caption: "The Financial Goal Calculator: a new tool that will help Canadians of all ages plan and reach their financial goals (CNW Group/Financial Consumer Agency of Canada)". Image available at: http://photos.newswire.ca/images/download/20131129_C6086_PHOTO_EN_34087.jpg
Image with caption: "The dashboard for the Financial Goal Calculator (CNW Group/Financial Consumer Agency of Canada)". Image available at: http://photos.newswire.ca/images/download/20131129_C6086_PHOTO_EN_34089.jpg
SOURCE: Financial Consumer Agency of Canada
For further information:
Communications Manager (Acting)
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