The federal government unveiled the first phase of its proposed national strategy to bolster financial literacy, which targets seniors, on Thursday.

The new seniors’ strategy will be overseen by the recently named Financial Literacy Leader, Jane Rooney, who will coordinate its implementation as part of an overall national strategy for improving financial literacy. It calls for various organizations that are involved in financial education and seniors’ issues, across the public, private and non-profit sectors, to participate in the broad effort to bolster the financial capabilities of seniors.

“This comprehensive strategy will help Canadian seniors ensure they have the knowledge and tools needed to navigate an increasingly complex financial marketplace,” said Minister of State (Finance), Kevin Sorenson. “I look forward to seeing the collaborative effort of public, private and non-profit sector groups that will enable seniors to improve their own personal finances, strengthening the economy as a whole.”

Rooney said that public consultations on the issue “have resulted in a strategy that addresses the diverse range of financial literacy issues facing Canadians as they move through their senior years. A broad range of organizations have stepped forward to participate in the work of developing this strategy that will help improve the financial literacy of Canada’s senior population.”

Along with today’s release of a strategy for seniors, Rooney is also launching consultations on the second phase of the initiative, which will focus on the needs of low-income Canadians, people with disabilities, immigrants and Aboriginal Canadians. Phase three will include children, youth and adults. The national strategy is slated to be released in 2015.