Thank you very much. I want to join my colleagues in congratulating you on your election.
Minister, thank you for being with us today.
I have two questions, and that is probably all I will have time for.
As Ms. Nash pointed out, we did indeed vote in favour of Mr. Rajotte's motion on financial literacy because it sought to meet an existing need. Notwithstanding the agency's wonderful work, there was still a need to do even more in the area of financial literacy.
However, as Mr. Thibeault mentioned, we do have a few problems when it comes to financial literacy and the corresponding report. Respected Globe and Mail columnist Barrie McKenna summarized those problems, writing, and I quote:
Looking to financial literacy to fill the void is like asking ordinary Canadians to be their own brain surgeons and airline pilots. The dizzying array of financial products, mixed with chaotic and increasingly irrational financial markets, makes the job of do-it-yourself financial planning almost impossible—no matter how literate you are. The average credit-card agreement is as intuitive as quantum physics.
Some needs in the area of financial literacy were addressed through the motion. But what I would like to know is how a financial literacy leader can deal with much more structural problems related to the workings of our financial markets, problems that even the experts have trouble figuring out. We hear a lot about credit cards and retirement plans, but there's much more to the financial economy than that.
I would like to know how the plan before us—which calls for the election or appointment of a financial literacy leader, among other things—can really help all Canadians understand these incredibly complex issues.