The Harper Government has released a new National Financial Literacy Strategy to address Canadians’ rising household debt and lack of awareness regarding money management and retirement planning.
The new strategy, which took months to develop, will expand an existing initiative that was originally designed for senior citizens, reports
The Globe and Mail. It will now be aimed at Canadians of all ages, and will focus on three priorities: money and debt management, saving for an unknown future and safeguarding against fraud and abuse.
Prominent insurance leaders will help to spearhead this campaign, as they have joined representatives from banking, the Ontario Securities Commission and the media to form the National Steering Committee on Financial Literacy. This group will be will be responsible for disseminating the strategy to members of the Canadian public.
So far, the industry at large has embraced the launch.
“This is a significant achievement and will serve as a rallying cry for public and private sectors to work together towards a common goal – giving Canadians the knowledge, skills and confidence to make responsible financial decisions,” Frank Swedlove, president and CEO of the Canadian Life and Health Insurance Association (CLHIA), said in a statement.
The association is also calling upon insurance organizations to improve their own educational endeavors and encourages brokers to maintain a supportive dialogue with their clients.
“As an industry, we not only support the overarching objectives of the strategy, but we are also committed to building financial literacy through clear communication initiatives that improve the readability of insurance documents and through financial education materials that engage consumers,” said CLHIA vice president, distribution and pensions Leslie Byrnes.
The
Insurance Bureau of Canada (IBC) also welcomed the announcement.
“Consumers are best protected when they understand and access the tools and information to make sound financial decisions,” said Craig Stewart, vice president of federal affairs, in a release.
