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Financial literacy is also important

The Pan-Canadian Interactive Literacy Forum, held recently in Saint John, was one of many recent exchanges across Canada on the important topic of literacy.

As part of the discussion, I hope to remind Canadians of another dimension of literacy that touches each one of us: financial literacy.

Surveys show that many of us feel at a loss when it comes time to make financial decisions, or when we have to find our way around the financial marketplace.

And with good reason: financial products can be complex.

The Financial Consumer Agency of Canada (FCAC) was established in 2001 to raise awareness among Canadian consumers and help them gain a better understanding of the financial products on the market, such as credit cards, bank accounts, mortgages and investments.

Since that time, FCAC has become a pioneer in creating clear, simple publications and easy-to-use web tools that give consumers objective, reliable help in finding their way.

The Government of Canada has given FCAC a mandate to foster financial literacy in Canadian youth. In fulfilling this mandate, the agency continues to develop innovative web resources.

FCAC will soon have the pleasure of unveiling across Canada a groundbreaking online curriculum, a virtual online world, where young people will be able to explore and learn about financial issues and potential problems, without the risks of real-world financial ruin.

Our commitment to Canada's youth is to give them, and all consumers, the tools they need to increase their ability to understand, analyze and navigate the financial marketplace with confidence and safety in their day-to-day lives.

Ursula Menke

FCAC commissioner

Ottawa, Ont.