Feds name Financial Literacy Leader

“In today’s financial world, financial literacy is more important than ever,” said Kevin Sorenson, minister of state (Finance). “The appointment of Jane Rooney will allow her to chart a course to coordinate the efforts of all partners working to help improve Canadians’ financial decision-making abilities.”

The Financial Literacy Task Force first suggested the role of a Financial Literacy Leader to help spearhead the education of Canadians, particularly older citizens, to ensure they are able to make knowledgeable financial decisions over the course of their lives.

“As consumers of financial products and services ranging from credit cards and mortgages to a wide array of banking services, Canadians must be equipped to make informed decisions that strengthen their own personal finances and support the economy as a whole,” said Rooney. “I am honoured to accept this important task which will begin with consultations on the development of a new national financial literacy strategy that will place seniors front and centre.”

Rooney joined the Financial Consumer Agency of Canada (FCAC) in 2002, and since 2008 has been director, financial literacy and consumer education.

Rooney is a member of a number of committees working on financial literacy within Canada and abroad. She is the chairwoman of the Government of Canada’s Interdepartmental Committee on Financial Literacy. She is also Canada’s representative on the Organization for Economic Co-operation and Development’s (OECD) International Financial Education Network and on the OECD’s Advisory Board for the International Network on Financial Education.

The appointment of a Financial Literacy Leader is welcomed by investor protection groups, such as the Toronto-based Investor Education Fund.

“We congratulate the government on this first step in further supporting the role of the financial literacy community in Canada,” said Tom Hamza, president, IEF, in a statement. “We know that Canadians need help when making financial decisions and we have been building genuine momentum in addressing the issue since 2000.”

The Investment Funds Institute of Canada (IFIC) is also welcoming the appointment of Rooney.

“As Canada’s first financial literacy leader, Ms. Rooney has a remarkable opportunity to create a national vision for addressing the financial knowledge needs of Canadians — and IFIC members stand ready to contribute to realizing that vision,” said Joanne De Laurentiis, president and CEO of IFIC, in a statement.

Rooney’s appointment is also a moment for industry members to remember the commitment of Jim Flaherty, former finance minister, who died last week. “Jim Flaherty made the expansion of financial literacy a key priority during his tenure as finance minister. Today, we pay tribute to his efforts and his legacy,” said L. Jacques Ménard, chairman, BMO Nesbitt Burns and vice-chair, Financial Literacy Task Force. “Congratulations to Jane Rooney, Canada’s new Financial Literacy Leader — a position that represents a part of Mr. Flaherty’s legacy.”