Ottawa, February 22, 2010
2010-012

Archived - Minister of Finance Welcomes Task Force Consultations on Financial Literacy

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The Honourable Jim Flaherty, Minister of Finance, today welcomed the launch of an unprecedented public consultation with Canadians on financial literacy, as the Task Force on Financial Literacy released a discussion paper entitled Leveraging Excellence.

"All Canadians are working toward a personal goal, be it retiring, buying a home or attending college or university," said Minister Flaherty. "As these goals have financial implications, Canadians would benefit by becoming better consumers, investors and savers."

The Task Force, announced by Minister Flaherty as part of Canada's Economic Action Plan, released the discussion paper to mark the beginning of a three-month national consultation. The Task Force will meet with Canadians in 15 cities across the country and host an interactive online forum. After consultations are complete, the Task Force will make recommendations to create a national strategy to enhance financial literacy.

"Canadians face a growing number of complex financial decisions that affect their futures and steer our economy," said Minister Flaherty. "That's why it is important for Canada to have a national strategy aimed at promoting and strengthening financial literacy."

Minister Flaherty said financial literacy is a key priority for the Government. He noted that funding has been provided to the Financial Consumer Agency of Canada since 2007 to undertake financial literacy initiatives such as The City, an interactive education resource for high-schoolers available from coast to coast to coast.

"Our Government has acted to protect consumers in many areas, from credit card regulations to rules to improve disclosures on loans," said Minister Flaherty. "Last week, we took a number of measured steps to support the long-term stability of Canada's housing market and continue to encourage home ownership by Canadians. Having a national strategy to improve financial literacy will be an important means to ensure Canadians are able to make informed and prudent financial decisions throughout their lives."

Minister Flaherty encouraged all Canadians to take part in the consultations and make their voices heard. Further details about the consultations and the discussion paper are available on the Task Force's website at www.financialliteracyincanada.com.

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For further information, media may contact:

Annette Robertson
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

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