Financial Planning Standards Council commends the tabling of a motion in House of Commons calling on the government to work toward implementing the recommendations of the federal task force on financial literacy.
The motion was tabled Tuesday by James Rajotte, MP Edmonton-Leduc and chair of the House of Commons Standing Committee on Finance.
In addition, Motion-269 calls on the government to create a single source website for financial literacy, and officially designate November as Financial Literacy Month.
“We’re pleased to see Mr. Rajotte introduce this motion. Improving Canadians’ financial literacy is one of the most important challenges that exist today,” says Cary List, president & CEO, FPSC.
“FPSC asks that all Canadians and Certified Financial Planner professionals urge their Members of Parliament to support this important motion.”
In May 2010, FPSC presented its formal submission to the Task Force. At FPSC’s recent Vision 2020 Symposium, Don Stewart, CEO, Sun Life Financial and chair of the Task Force on Financial Literacy, commented that he was “…struck by the continued relevance and insight of [FPSC’s] submission.”
FPSC’s recommendations included: a focus on behavioural change rather than just increasing knowledge; acknowledging the importance of shaping financial behaviours in youth; shifting the focus from ‘saving for tomorrow’ to addressing the broader spectrum of goals in all life stages; and encouraging Canadians to learn more about how to hire financial professionals as a means to safeguard themselves against financial fraud.
“FPSC has been diligently working with government, regulators and other stakeholders to help realize these recommendations,” says Stephen Rotstein, VP, policy & enforcement & general counsel, FPSC. “We encourage the public support of Mr. Rajotte and from other MPs on financial literacy initiatives.”