Archived - Government of Canada releases financial literacy strategy for seniors

October 16, 2014 – Winnipeg, Manitoba – Financial Consumer Agency of Canada

Canada’s Minister of State (Finance) Kevin Sorenson and Canada’s first Financial Literacy Leader Jane Rooney today announced the release of the National Strategy for Financial Literacy, Phase 1: Strengthening Seniors’ Financial Literacy.

In Economic Action Plan 2013, the Government committed to implementing a financial literacy strategy that specifically responds to seniors’ needs. Strengthening Seniors’ Financial Literacy, which has been refined through consultation with Canadians and stakeholder organizations involved in financial literacy, responds to that commitment and is the first component of the national strategy for financial literacy for all Canadians.

The seniors’ strategy establishes goals and objectives that will require collaboration among public, private and non-profit organizations across Canada. Supported by members of the National Steering Committee on Financial Literacy, Canada’s Financial Literacy Leader, Jane Rooney, will oversee and coordinate implementation of the seniors’ strategy as a component of the wider national strategy for financial literacy.

Beginning today, Minister Sorenson and Jane Rooney will also begin consultations on Phase 2 of the national strategy on financial literacy which will focus on the unique needs of low-income Canadians, Canadians with disabilities, newcomers to Canada and Aboriginal peoples.

• The 2009 Canadian Financial Capability Survey shows that financial literacy skills among seniors are lower overall compared to other groups of Canadians.
• In 2011, an estimated 5 million people were 65 or older. That number is expected to double by 2036, reaching about 10.4 million seniors.
• The National Strategy for Financial Literacy is expected to be released in 2015, following consultations on Phase 3 which includes children, youth and adults.

• News release: Government of Canada announces members of Canada’s National Steering Committee on Financial Literacy
• News release: Consultation begins on a national financial literacy strategy
• Backgrounder: Toward a National Strategy for Financial Literacy – Phase 1: Strengthening Seniors' Financial Literacy
• Final Report of the Task Force on Financial Literacy
• Information for seniors (seniors.gc.ca)
• Financial Consumer Agency of Canada (itpaystoknow.gc.ca)

Office of the Minister of State (Finance)
Meagan Murdoch
Communications
613-369-5696

Financial Consumer Agency of Canada
Natasha Nystrom
Media Relations Officer
613-941-4168
natasha.nystrom@fcac-acfc.gc.ca