Toronto, October 3, 2012

Archived - Harper Government Strengthens Consumer Protection Through Financial Literacy

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The Honourable Ted Menzies, Minister of State (Finance), today highlighted the Harper Government’s continuing commitment to further protect consumers by improving financial literacy throughout the country.

Speaking in Toronto at the International Economic Forum of the Americas: Toronto Global Forum, the Minister said, “Clear and effective financial information and increased financial literacy can result in more responsible consumer choice, which can lead to a stronger, more stable and competitive economy. Improved financial literacy helps support higher savings levels and discourages indebtedness.”

Through the Financial Consumer Agency of Canada (FCAC), the Government’s lead agency on financial education and literacy, the Government has moved forward with a range of excellent initiatives in recent years.

The Agency develops innovative tools to help Canadians make some of the biggest financial decisions of their lives. From mortgage calculators to guides on choosing the best credit card to meet their individual needs—the FCAC website is the go-to destination for all Canadians looking to enhance their financial decision making.

The Government also remains committed to strengthening financial literacy in Canada by moving forward with the recommendation made by the Task Force on Financial Literacy, by advancing legislation that will enable the appointment of a Financial Literacy Leader to the Financial Consumer Agency of Canada. The Leader would be mandated to work with stakeholders to enhance financial literacy initiatives across Canada.

“The appointment of a Financial Literacy Leader will be just one example of how our Government continues to boost Canadian consumers’ knowledge and to provide them with the tools they require in an increasingly complex financial marketplace,” said Minister Menzies.

For further information, media may contact:

Bram Sepers
Office of the Minister of State (Finance)

Jack Aubry
Media Relations
Department of Finance

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