Archived - Minister of State (Finance) Commends Partnership Aimed at Raising Canadians’ Financial Literacy Skills
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March 21, 2014 – Ottawa, Ontario – Department of Finance
Minister of State (Finance) Kevin Sorenson today joined representatives of ABC Life Literacy Canada and the TD Bank Group for the launch of their Money Matters program at the Ottawa Chinese Community Service Centre. Also attending were program participants, who will be learning about the availability of resources and tools to help them make informed decisions about managing their personal finances.
Minister of State Sorenson highlighted the Government’s ongoing work to develop a financial consumer code as well as Economic Action Plan 2014 measures that will better protect consumers, enhance access to basic banking services and promote fairness and transparency. These measures include:
- Requiring enhanced disclosure by banks on the costs and benefits of using powers of attorney or joint accounts;
- Supporting provincial efforts to regulate appropriately all payday lending-type high interest rate products;
- Expanding no-cost basic banking services for youths, students and vulnerable groups;
- Proactively ensuring pay-to-pay policies for monthly printed credit card statements provided by banks are prohibited.
- ABC Life Literacy Canada estimates that nearly 50 per cent of Canadians struggle with simple tasks involving math and numbers.
- The focus of Money Matters is numeracy, money management skills and educational savings opportunities that will help Canadians plan their financial present and future.
- Money Matters founding sponsor TD Bank Group brings financial experts into the classroom with more than 5,600 hours of donated employee time as they deliver two four-hour money management units focused on spending plans, banking basics, borrowing money, and Registered Education Savings Plans and other ways to save.
- Money Matters is available at no cost to community groups, teachers, librarians and learning centres across Canada. To date, Money Matters has reached more than 900 adult learners in communities across Canada.
- The Financial Consumer Agency of Canada (FCAC) is a federal regulatory agency responsible for strengthening oversight of consumer issues and expanding consumer education in the financial sector, in cooperation with other government bodies, financial institutions, consumer groups and other organizations. The FCAC is also mandated with ensuring that federally-regulated financial institutions adhere to the consumer provisions of the legislation governing financial institutions and their public commitments.
“In today’s increasingly complex financial marketplace, financial literacy is vital to helping Canadians make informed decisions about their personal finances. When consumers have access to resources and tools to make better financial choices, not only do they improve their own personal finances, but the economy as a whole benefits. I commend programs such as Money Matters for providing financial education and services that are accessible, understandable and relevant to Canadians’ everyday lives.”
- Kevin Sorenson, Minister of State (Finance)
Office of the Minister of State (Finance)
Department of Finance