Canada is Latest Nation to Name a Financial Literacy Leader

Consistent with the growing trend among nations to designate a high ranking official to lead the country’s financial literacy efforts, Canada’s Minister of State has announced the appointment of the nation’s very first Financial Literacy Leader. Jane Rooney, a veteran in domestic and international financial education policy, will take the reigns as Financial Literacy Leader, responsible for developing and executing financial literacy policy and initiatives that benefit the financial capability of all Canadians.

Canada’s Financial Literacy Leader Act established the position following the strong recommendation by the country’s Task Force on Financial Literacy. Among the primary responsibilities of the Leader will be to collaborate initiatives with key stakeholders, including corporations, non-profits, foundations, academia and government agencies.

The move by Canada to name a Financial Literacy Leader is just one of many developments initiated by the government in its broad effort to protect consumers. Specifically, a twenty-one day interest-free period has been established for all new credit card purchases when Canadians pay in full their outstanding balances. In addition, a ban was put into effect on unsolicited credit card cheques. Also to protect consumers, the Canadian government now requires all federally regulated financial institutions that offer products to do so only on an opt-in basis, along with disclosures regarding the terms and conditions of those products so consumers are best informed.

While these moves by Canada position the country as one of the global leaders in financial literacy policy, many more countries are similarly making great advances in their own financial capability policies and initiatives. In both developed and developing countries, greater levels of funding, research, employment opportunities and events are being initiated and supported by government. Financial literacy proponents contend that this trend will continue to revolutionize the breadth and depth of financial education programs and outcomes in the months and years ahead.