Monday marks the kick-off of Financial Literacy Month, an initiative developed by the Financial Literacy Action Group, in collaboration with the Financial Consumer Agency of Canada.
Finance minister Jim Flaherty attended the kick-off event in Toronto accompanied by James Rajotte, MP for Edmonton-Leduc and chair of the House of Commons Standing Committee on Finance.
Both officials were joined at the event by Donald Stewart, chair of the Task Force on Financial Literacy; Brenda Leong, chair of the British Columbia Securities Commission; Lucie Tedesco, deputy commissioner of FCAC; and Laurie Campbell, executive director of Credit Canada and a member of FLAG.
FLAG is a coalition of seven non-profit organizations. The group includes: ABC Life Literacy Canada; the Canadian Foundation for Economic Education; Credit Canada; Financial Planning Standards Council; the Investor Education Fund; Junior Achievement; and the Canadian Centre for Financial Literacy, a division of SEDI (Social and Enterprise Development Innovations).
In addition to FLAG members and FCAC, several national, provincial, community-based and not-for-profit organizations will also participate in Financial Literacy Month to raise awareness of the need for financial literacy in Canada and to encourage Canadians to reinforce their financial knowledge. The Financial Literacy Month website lists the 200 activities that will be offered by about 75 different organizations across Canada in November 2011. Activities range from those for all Canadians, to those especially developed for people with specific needs, such as seniors, youth, students and teachers.
During the kick-off event, the BCSC released the results of the first comprehensive Canadian benchmark study on youth financial life skills. The objective of the study was to assess the effectiveness of secondary school financial education programs — specifically, financial literacy outcomes (knowledge, attitudes, awareness and behaviour) – and in preparing young Canadians as financial consumers.