Chicago, Illinois, April 23, 2012
2012-048

Archived - Canada’s Economic Strengths Include a Strong Focus on Improving Financial Literacy

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James Rajotte, Member of Parliament for Edmonton–Leduc and Chair of the Standing Committee on Finance, today at the Federal Reserve Bank of Chicago’s Financial Literacy and Education Summit, highlighted the Harper Government’s continuing commitment to further protect consumers by improving financial literacy throughout the country.

Speaking on behalf of Minister of Finance Jim Flaherty, Mr. Rajotte noted, “Informed and empowered consumers are key for a healthy economy. Our Government’s national strategy on financial literacy empowers Canadians to act knowledgeably and with confidence in managing their personal financial affairs.”

Key initiatives cited by Mr. Rajotte include the appointment of the Task Force on Financial Literacy, advancing the Task Force’s recommendations, and introducing the Financial Literacy Leader Act to provide for the appointment of an individual who will exercise national leadership to strengthen the financial literacy of Canadians.

He also noted that the Financial Consumer Agency of Canada provides a host of informative tools that build public awareness of financial literacy. For example, its website includes a mortgage calculator that quickly determines mortgage payments, as well as an online service to help consumers shop for the most suitable banking packages for their needs.

In addition, the Government and the House of Commons recently endorsed Mr. Rajotte’s Private Member’s Motion to designate each November as Financial Literacy Month.

“Our Government believes that consumers are best served when they are given better information about the financial products they use,” Mr. Rajotte said. “Given the growing array of financial services, ensuring that Canadians have the tools and knowledge necessary to be confident in their financial decisions continues to be a high priority for our Government.”

For further information, media may contact:

Mary Ann Dewey-Plante
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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