FCAC releases new financial literacy strategy

The Financial Consumer Agency of Canada (FCAC) has renewed a five-year plan to help Canadians build financial resilience.

The strategy, dubbed Make Change that Counts, builds on a financial literacy strategy released by the government agency in 2015 in an effort to make the financial system more accessible, inclusive and effective for Canadians, according to a release.

“The global pandemic has caused an economic shock affecting all Canadians, but has had a disproportionate impact on our most vulnerable populations, including women, youth, low-wage workers and BIPOC,” said Mona Fortier, minister of middle class prosperity, in a statement. “The focus on financial resilience in the National Strategy will support the most vulnerable, and benefit all Canadians, as we come roaring back.”

The new national plan has three broad areas of focus: reducing barriers that prevent people from accessing financial products, improving access to trustworthy and affordable help, and enhancing consumers’ ability to navigate the financial marketplace.

“FCAC looks forward to collaborating with organizations and individuals across the country as we work to reduce barriers and catalyze action to help Canadians build financial resilience. Together, we will make change that counts,” FCAC commissioner Judith Robertson said in the release.

For further details, see the full national strategy.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.