GODERICH, ONTARIO —Earlier this summer the Honourable Jim Flaherty, Minister of Finance established a Task Force on Financial Literacy to help create a cohesive national strategy to support initiatives across Canada aimed at improving financial education.

“Our economy is built on millions of everyday financial decisions by Canadians,” said Minister Flaherty. “Recent events have shown us that there are major risks and that financial literacy is an important life skill. Whether it is a question of saving for retirement, financing a new home or balancing the family chequebook, improving the financial literacy of Canadians will add to the stability of our financial system and make our economy stronger.”

“Being able to manage your finances is one of the single most important skills a person can learn in their lifetime,” said Ben Lobb, MP for Huron-Bruce.    “It is my hope that the task force will layout the path for the future so our young people today will graduate with a solid understanding of how to manage their finances effectively.”

The task force fulfills a commitment made in Canada’s Economic Action Plan to outline objectives, including a concrete plan of action and a framework for collaboration among stakeholders, for moving forward and measuring progress on financial literacy in Canada. Members of the task force are drawn from the business and education sectors, community organizations and academia. The task force is chaired by Donald A. Stewart, Chief Executive Officer of Sun Life Financial Inc. L. Jacques Ménard, Chairman of BMO Nesbitt Burns, will be the Vice-Chair.

Minister Flaherty said the task force complements other elements in Canada’s Economic Action Plan to strengthen consumer protection, such as the recently announced improvements to credit card regulations, which included improved disclosure of interest rate changes.

On a local front, MP Lobb recently announced federal government funding for Rural Response for Healthy Children in Clinton.  The project will work to increase the economic security of at-risk, young women/mothers living in rural areas by helping them to develop effective resource and financial management skills.

“This project will serve young mothers, helping them to achieve financial independence,” said Mr. Ben Lobb, Member of Parliament for Huron-Bruce. “Rural Response for Healthy Children will help these young women access the opportunities they need to move forward and improve their economic situation.”
For more information on Canada’s Economic Action Plan, visit www.actionplan.gc.ca.