Hon. Alice Wong, P.C.

Strengthening Seniors’ Financial Literacy is the first phase of a comprehensive national strategy for financial literacy

October 16, 2014 – Winnipeg, Manitoba – Financial Consumer Agency of Canada

Canada’s Minister of State (Finance) Kevin Sorenson and Canada’s first Financial Literacy Leader Jane Rooney today announced the release of the National Strategy for Financial Literacy, Phase 1: Strengthening Seniors’ Financial Literacy.

In Economic Action Plan 2013, the Government committed to implementing a financial literacy strategy that specifically responds to seniors’ needs. Strengthening Seniors’ Financial Literacy, which has been refined through consultation with Canadians and stakeholder organizations involved in financial literacy, responds to that commitment and is the first component of the national strategy for financial literacy for all Canadians.

The seniors’ strategy establishes goals and objectives that will require collaboration among public, private and non-profit organizations across Canada. Supported by members of the National Steering Committee on Financial Literacy, Canada’s Financial Literacy Leader, Jane Rooney, will oversee and coordinate implementation of the seniors’ strategy as a component of the wider national strategy for financial literacy.

Beginning today, Minister Sorenson and Jane Rooney will also begin consultations on Phase 2 of the national strategy on financial literacy which will focus on the unique needs of low-income Canadians, Canadians with disabilities, newcomers to Canada and Aboriginal peoples.

Quick facts

• The 2009 Canadian Financial Capability Survey shows that financial literacy skills among seniors are lower overall compared to other groups of Canadians.
• In 2011, an estimated 5 million people were 65 or older. That number is expected to double by 2036, reaching about 10.4 million seniors.
• The National Strategy for Financial Literacy is expected to be released in 2015, following consultations on Phase 3, which includes children, youth and adults.

Quotes
“This comprehensive strategy will help Canadian seniors ensure they have the knowledge and tools needed to navigate an increasingly complex financial marketplace. 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.”

—Kevin Sorenson, Minister of State (Finance)

“The strategy demonstrates our Government’s concern for the well-being of seniors, who face unique financial challenges and require a broad base of support to ensure they can make confident and informed decisions on financial matters. I was very pleased to participate in the public consultations in June, which saw substantial and valuable feedback from individuals and groups representing seniors across Canada.”

—Alice Wong, Minister of State (Seniors)

“The public consultations 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.”

—Jane Rooney, Financial Literacy Leader

Associated Links

• News release: Government of Canada announces members of Canada’s National Steering Committee on Financial Literacy
• News release: Consultation begins on a national financial literacy strategy
• Backgrounder: Toward a National Strategy for Financial Literacy – Phase 1: Strengthening Seniors’ Financial Literacy
• Final Report of the Task Force on Financial Literacy
• Information for seniors (seniors.gc.ca)
• Financial Consumer Agency of Canada (itpaystoknow.gc.ca)

Filed under: News, Seniors