M.P. McLeod advocates for financial literacy

Cathy McLeod, MP, was pleased to speak to a Private Member’s Motion that calls for improvements to financial literacy

OTTAWA – Cathy McLeod, MP for Kamloops-Thompson-Cariboo, was pleased to speak to Private Member’s Motion No. 269, which calls for improvements to financial literacy.

The motion recommends the government respond to the recommendations of the Task Force on Financial Literacy. These include:

• creating, promoting and continuously upgrading a single source website for financial literacy to increase public awareness and ease access to information ;

• requiring federally regulated financial institutions to publicly disclose their contributions to financial literacy initiatives;

• ensuring the Financial Consumer Agency of Canada works with provinces and territories to promote financial literacy to youth through the education system; and

• designating November as financial literacy month.

“We live in an increasingly complex financial world of investment and credit products, whose characteristics and risks have become much more difficult to comprehend,” said McLeod. In Canada’s Economic Action Plan of Budget 2009, the Conservative government outlined key steps to protect consumers with regard to financial services and products. First, the government enhanced consumer protection measures dealing with credit cards and mortgage insurance.

Second, we established the Task Force on Financial Literacy to make recommendations to create a cohesive national strategy to improve financial literacy in Canada. The task force delivered its final report on February 9, 2011, entitled “Canadians and Their Money: Building a brighter financial future”.

“The report outlined 30 recommendations to improve the financial literacy of Canadians and was very well-received,” said McLeod. “I agree with the statement released by the non-profit Canadian organization ABC Life Literacy, who stated ‘Every Canadian should have the literacy skills they need to live a fully engaged life.

 

“The report acknowledged that improving financial literacy helps consumers make knowledgeable and confident decisions toward achieving their financial goals. At the same time, through our Action Plan, the government has strengthened Canada’s financial system and protected Canadians’ hard-earned savings,” concluded McLeod.