OTTAWA, August 21, 2008 – The Financial Consumer Agency of Canada (FCAC) today launched a new Web portal, The Money Belt, themoneybelt.gc.ca, to increase the basic financial knowledge of young Canadian ns.
"With back-to-school around the corner and at a time when students face intense marketing efforts, the more young Canadians know about saving, spending and using credit wisely, the better equipped they'll be to face the future," said FCAC Commissioner Ursula Menke. "The Money Belt is a gateway to financial learning designed to help people build their knowledge and confidence in handling money and making good decisions about their finances."
The Web portal is an entry point to access various resources that teach the fundamentals of managing money. The Money Belt was built for young people in mind and houses a variety of interactive tools on t opics such as credit cards and bank accounts combined with other tools like polls and quizzes.
"In a world where today's youth quickly develop a keen interest in money, it is important that they acquire strong financial skills early so they can avoid making costly mistakes," added Commissioner Menke. "To help young Canadians navigate through the intricacies of today's financial world, The Money Belt will also host, starting this September, a new and innovativ e financial education resource for teachers, youth and members of the public who are interested in brushing up on their understanding of basic finances."
FCAC provides consumers with accurate, objective information about financial products and services, and informs Canadians of their rights and responsibilities when dealing with federally regulated financial institutions. FCAC also ensures compliance with the consumer protection laws, and monitors codes of conduct and public commitments that apply to banks and federally incorporated trust, loan and insurance companies.
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Med ia contacts:
Marie-France Lettre
Media Relations Officer
613-948-2707
lettre.marie-france@fcac.gc.ca
Martine Bélanger
Acting Manager, External Communica tions
613-941-8982
belanger.martine@fcac.gc.ca
