Ottawa, November 29, 2013
Archived - New online tool to help Canadians plan and reach their financial goals
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The launch of the Financial Goal Calculator helps wrap up Financial Literacy Month 2013
Canadians of all ages, whether it is those paying down student debt, saving to buy their first home or planning their retirement, often feel overwhelmed when they try to set short or long-term financial goals. Today, the Honourable Kevin Sorenson, Minister of State (Finance), and Lucie Tedesco, Commissioner of the Financial Consumer Agency of Canada (FCAC), unveiled the Financial Goal Calculator; a new tool that will help Canadians of all ages plan and reach their financial goals. FCAC’s free, easy-to-use, interactive online Calculator helps Canadians meet their financial goals in three areas:
- getting out of debt
- saving for retirement
- saving for other goals (for example a down payment or emergency fund).
“The Financial Goal Calculator will be a valuable tool for Canadians no matter their age,” said Minister Sorenson. “With this new resource and our Government’s Economic Action Plan 2013, we are working to give Canadians the tools they need to plan and manage their finances.”
“The Financial Goal Calculator is unique because it can be used in a variety of ways. It goes beyond retirement planning,” said Lucie Tedesco, FCAC Commissioner. “Users just have to answer a few questions and enter their own financial data, and the tool helps them create a realistic plan they can follow.”
FCAC received assistance from Employment and Social Development Canada, as well as the Actuarial Foundation of Canada and the Chartered Professional Accountants of Canada to develop and test the Calculator.
“This user-friendly tool will allow seniors and those nearing their senior years to better plan for, and live in, retirement,” said the Honourable Alice Wong, Minister of State (Seniors). “By breaking down the key elements of retirement finances, the Calculator can assist them in reaching their financial goals come retirement.”
The launch of the Calculator brings to an end Canada’s Financial Literacy Month 2013—a month during which Minister Sorenson, Commissioner Tedesco and many others have been raising Canadians’ awareness of the need for greater financial literacy and during which Canadians have been learning more about money management. Hundreds of events across the country were hosted by various organizations from the public, private and voluntary sectors to increase Canadians’ financial savvy; an important life skill that can be acquired or strengthened at any age.
With educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints bodies comply with legislation and industry commitments intended to protect consumers.
You can reach us through FCAC's Consumer Services Centre by calling toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by visiting our website: itpaystoknow.gc.ca.
For further information, media may contact:
Communications Manager (Acting)
Office of the Minister of State (Finance)
Department of Finance