TORONTO, Oct. 30, 2012 /CNW/ - The goblins and ghosts of Halloween may frighten some, but they barely rate a shiver when you compare them to the scary state of Canada's household finances. With one of the highest debt-to-income ratios in the OECD and savings rates that are 75% lower than twenty years ago, Canadians are visibly struggling with their financial obligations in an era of increasing financial complexity. It is clear that finding and using sources of sound financial information and advice and being able to manage one's own financial affairs effectively, is more important than ever for Canadians.
In recognition of this challenge, a number of organizations have joined together to raise awareness of the issue, to help find solutions, and to declare November, 2012 as the second annual Financial Literacy Month in Canada. The Financial Literacy Action Group (FLAG) was founded by ABC Life Literacy Canada, the Canadian Foundation for Economic Education (CFEE), Credit Canada: Debt Solutions, Financial Planning Standards Council (FPSC), Junior Achievement, the Investor Education Fund (IEF), and Social and Enterprise Development Innovations (SEDI).
Financial Literacy Month is an important opportunity to highlight efforts undertaken by organizations across the country to help improve financial literacy in Canada. Collaboration among FLAG organizations, as well as other organizations across the country, is critical to raising Canadians' awareness about the resources, programs and tools that exist to help them in their efforts to improve their household finances.
The establishment of Financial Literacy Month by FLAG was inspired by the Task Force on Financial Literacy's recommendation that groups active in financial literacy programs in Canada work together to find solutions. It has inspired many other organizations across the country to share information on their financial literacy programs, many of which can be found at itpaystoknow.gc.ca/flm
We are delighted by the support for financial literacy shown by the Honourable Ted Menzies, federal Minister of State (Finance), as well as federal organizations such as the Financial Consumer Agency of Canada (FCAC). We look forward to continuing this collaboration, including working with the new National Leader (when appointed), as we work together to involve the growing number of organizations that are joining the financial literacy field. Our hope is that, through our shared efforts, we can help Canadians to strengthen their household finances and more effectively plan and save to achieve their hopes and aspirations for the future.
The Financial Literacy Action Group is a coalition of seven non-profit organizations that have joined together to help organize Financial Literacy Month (FLM). FLM will raise awareness of the need for financial literacy and highlight the programs, services and tools available to help Canadians strengthen their own financial literacy. The group includes: ABC Life Literacy Canada; the Canadian Foundation for Economic Education (CFEE); Credit Canada: Debt Solutions; Financial Planning Standards Council (FPSC); the Investor Education Fund (IEF); Junior Achievement; and Social and Enterprise Development Innovations (SEDI). Information on all FLAG organization can be found by visiting the following website - www.Financialliteracymonnth.ca . FLAG organizations work in collaboration with the Financial Consumer Agency of Canada (FCAC) and encourage the participation of other interested organizations across the country in FLM.
SOURCE: Financial Literacy Action Group
For further information:
Credit Canada: Debt Solutions
Laurie Campbell, CEO
T: (416) 228-2526 I C: (416) 200-3260
Canadian Foundation for Economic Education (CFEE)
Gary Rabbior, President
T: (905) 726-3684 I C: (416) 602-2236 I [email protected]
Social and Enterprise Development Innovations (SEDI)
Adam Fair, Program Manager - The Canadian Centre for Financial Literacy
T: (416) 665-2828 Ext. 240 I C: (416) 834-9494 I [email protected]