TORONTO, Oct. 31, 2011 /CNW/ - Today marks the kick-off of Financial Literacy Month, an initiative developed by the Financial Literacy Action Group (FLAG), in collaboration with the Financial Consumer Agency of Canada (FCAC), the Government of Canada's lead agency on financial literacy.
The Honourable Jim Flaherty, Minister of Finance, attended the kick-off
event at the Central YMCA in downtown Toronto accompanied by James
Rajotte, MP for Edmonton-Leduc and Chair of the House of Commons
Standing Committee on Finance. Both officials were joined at the event
by Donald Stewart, Chair of the Task Force on Financial Literacy;
Brenda Leong, Chair of the British Columbia Securities Commission
(BCSC); Lucie Tedesco, Deputy Commissioner of the Financial Consumer
Agency of Canada (FCAC); and Laurie Campbell, Executive Director of
Credit Canada and a member of FLAG.
"The issue of financial literacy means a great deal to me, and it
certainly means a great deal to our Government," said Minister
Flaherty. "Throughout our time in office, our Government has been
focused on helping Canadian consumers to identify and take advantage of
the best possible financial products and services for their respective
needs and circumstances."
FLAG and Financial Literacy Month
FLAG is a coalition of seven non-profit organizations. The group
includes: ABC Life Literacy Canada; the Canadian Foundation for Economic Education (CFEE); Credit Canada; Financial Planning Standards Council (FPSC); the Investor Education Fund (IEF); Junior Achievement; and the Canadian Centre for Financial Literacy, a division of SEDI (Social and Enterprise Development Innovations).
"I commend the Minister for his foresight in appointing the Task Force
and accepting its recommendations," said Mr. Stewart, "and I
congratulate FLAG and its members which have made financial literacy
their focus for many years and are now together, making Financial
Literacy Month a time of learning and discovery for many more
In addition to FLAG members and FCAC, several national, provincial,
community-based and not-for-profit organizations will also participate
in Financial Literacy Month to raise awareness of the need for
financial literacy in Canada and to encourage Canadians to reinforce
their financial knowledge. The Financial Literacy Month website lists the 200 activities that will be offered by about 75 different
organizations across Canada in November 2011. Activities range from
those for all Canadians, to those especially developed for people with
specific needs, such as seniors, youth, students and teachers.
"I am very pleased that FCAC continues to play a proactive and
leadership role in the coordination of national efforts on behalf of
the federal government in the area of financial literacy," said Ms.
Tedesco. "Given FCAC's dual mandate - to strengthen oversight of
consumer issues and to expand consumer education in the financial
sector - we view Financial Literacy Month as a key component not only
within our own strategic priorities, but also those of the Government
During the kick-off event, the BCSC released the results of the first
comprehensive Canadian benchmark study on youth financial life skills.
The objective of the study was to assess the effectiveness of secondary
school financial education programs — specifically, financial literacy
outcomes (knowledge, attitudes, awareness and behaviour) - and in
preparing young Canadians as financial consumers. The information and
analysis in this study will help educators and policymakers develop and
deliver financial literacy programs for Canadian youth.
"The financial realities that we face as Canadians indicate that there
is a lot at stake in educating young Canadians to be financially
prudent," said Ms. Leong. "We need to build on the momentum created by
the Taskforce on Financial Literacy and become global leaders in
graduating students who are not only well versed in Languages and
Mathematics, but in personal financial management as well."
For more information on FLM, visit financialliteracymonth.ca.
An executive summary and full report of the BCSC research can be found
at www.bcsc.bc.ca and www.investright.org.
Financial Literacy Month
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Image with caption: "The Honourable Jim Flaherty, Minister of Finance, and Donald Stewart, Chair of the Task Force on Financial Literacy kick-off Financial Literacy Month. More information available at: http://financialliteracymonth.ca (CNW Group/Financial Consumer Agency of Canada)". Image available at: http://photos.newswire.ca/images/download/20111031_C8979_PHOTO_EN_5782.jpg
SOURCE Financial Consumer Agency of Canada
For further information:
For English media:
FCAC Media Relations Officer
For French media:
FCAC Communications Manager