Canada gets financial literacy leader

Jane Rooney, a policy maker in domestic and international financial literacy issues, has been appointed as Canada’s first-ever financial literacy leader.

The Harper Government says it has aimed to improve financial literacy by engaging stakeholders to better understand the unique challenges faced by seniors. Under the leadership of Rooney, it’ll consult on the development of a national financial literacy strategy that specifically responds to the needs of seniors.

Read: Low financial literacy plagues millenials

Additional facts include:

• The position of financial literacy leader was established through the Financial Literacy Leader Act in March 2013, thus implementing the top recommendation of the Task Force on Financial Literacy;
• Rooney’s mandate is to collaborate and coordinate activities with stakeholders to contribute to and support initiatives that strengthen the financial literacy of Canadians; and
• In addition to creating the new position, the government has designated November as financial literacy month, with the Financial Consumer Agency of Canada playing a lead role in this area.

Read: Get young people to talk about money

“Members of the investment funds industry are at the front lines of delivering financial education to Canadians through direct education to investors, development of educational tools, and sponsorship of financial literacy in the schools and programs for vulnerable populations,” says Joanne De Laurentiis, president and CEO of IFIC.

“We look forward to working with Ms. Rooney to identify and deliver the key elements of financial knowledge that can empower consumers to make sound financial decisions.”

Read: Seniors say they know it all when it comes to finance

In its submission to the federal Task Force on Financial Literacy, IFIC identified the need for greater collaboration between government institutions, not-for-profit organizations and the private sector as fundamental to improving financial literacy. IFIC called for the creation of a national body to coordinate the work of all stakeholders engaged in helping Canadians build the knowledge they need to make informed financial decisions.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.