Today is the first day of our Annual Financial Literacy Month. This year marks its 9th anniversary. Throughout November, we collaborate with organizations from across the country to increase awareness, host events and share resources aimed at helping Canadians ‘Take Charge of their Finances’ – which is our theme for this year’s campaign.
It’s a pleasure to be invited to speak to you during this, our 9th annual Financial Literacy Month. Throughout November, we collaborate with organizations like yourselves to increase awareness, host events and share resources aimed at helping Canadians ‘Take Charge of their Finances’ – which is our theme for this year’s campaign.
| Financial Consumer Agency of Canada
| news releases
Today, the banking industry adopted a Code of Conduct for the Delivery of Banking Services to Seniors (the Code). The Financial Consumer Agency of Canada (FCAC) will monitor banks to ensure they comply with the Code.
Financial literacy means ensuring that consumers are armed with the knowledge they need to navigate a complex financial marketplace, the skills to choose well between financial products and services, and the confidence to ask the right questions. Because, better informed consumers are better-protected consumers.
Given this extraordinary change in our demographics, the Government of Canada is taking action in a number of areas. Just last fall, it tasked my agency to create a code of conduct to guide banks in their delivery of services to Canada’s senior population. This work is to complement our ongoing efforts to support Canadians in preparing financially for their future years as seniors.
Like any FinCoNet meeting or discussion, today’s seminar is an opportunity for us all to learn together and to share experiences. Today, the focus relates to assessing, planning and implementing open banking within our respective jurisdictions.
| Financial Consumer Agency of Canada
| news releases
A report published today by the Financial Consumer Agency of Canada (FCAC) suggests that although home equity lines of credit (HELOCs) are widely sold, many consumers appear to lack awareness of the terms and conditions of this financial product, exposing them to the risk of over borrowing, debt persistence, uninformed decision-making and wealth erosion.
| Financial Consumer Agency of Canada
| news releases
The Financial Consumer Agency of Canada (FCAC) presented the findings of two research projects during the National Research Symposium on Financial Literacy in Toronto on November 26 and 27. FCAC shared preliminary Canadian results of an international Financial Well-Being Survey and from the Agency’s latest behavioural budgeting research.
