Mr. Speaker, a number of initiatives are currently underway to improve financial literacy for Canadians; however, our government believed it was time to better organize efforts. To that effect, budget 2009, presented to the House of Commons on January 27, 2009, committed $5 million over two years, 2009-10 and 2010-11, to establish an independent task force.
This task force will make recommendations to the Minister of Finance on a cohesive national strategy on financial literacy, and include representatives of the business and education sectors, volunteer organizations, and academics, and will be supported by a federal secretariat. The task force is expected to be launched in the spring of 2009.
With respect to how improving financial literacy will help Canadians, our government believes that financial literacy is an important life skill that empowers consumers to make the best financial decisions in their particular circumstances. Increased financial literacy allows consumers to act knowledgeably and with confidence to look after their own best interest and achieve their personal and financial goals.
Individuals like John Hope Bryant, founder, chairman and CEO of Operation HOPE, Inc. and vice-chairman of the United States President Barack Obama's Advisory Committee on Financial Literacy and Peter Nares, founder and executive director of Social and Enterprise Development Innovations, SEDI, have publicly echoed that sentiment and applauded our government’s initiatives in that regard, declaring that: “Financial literacy entails developing skill sets people will use every day to make better decisions … (the Conservative) government has taken some important steps in this direction. In 2007, (the) government mandated that the Financial Consumer Agency of Canada begin addressing financial literacy matters. Funding was provided in the subsequent federal budgets. However, in fiscal 2009, the Canadian government has the opportunity to grab hold of this issue as our major trading partners have done. The commitment to form an independent, multi-sector task force to develop a national strategy on financial literacy is the first step in a process that could help Canadians make better financial decisions. It could also help Canadians better weather the economic storms that will inevitably blow through the global economy from time to time”.