Finance minister Jim Flaherty Wednesday introduced legislation to provide for the appointment of a financial literacy leader who will exercise national leadership to strengthen the financial literacy of Canadians.
“Ensuring that Canadians have the tools and knowledge to make responsible financial decisions is important for their personal well-being and for the strength and stability of our financial system as a whole,” said Flaherty in a release. “The appointment of a financial literacy leader will mark an important step toward that goal.”
Earlier this year, the federal government received the recommendations of the task force on financial literacy. Wednesday’s legislation represents the first step in moving forward on the recommendations of the task force.
The legislation would also expand the responsibilities of the Financial Consumer Agency of Canada to include collaborating and co-ordinating with stakeholders to contribute to and support initiatives that strengthen the financial literacy of Canadians. It also sets out the duties, powers and functions of the financial literacy leader, enabling him or her to carry out activities in support of strengthening financial literacy.