Ottawa – Financial Consumer Agency of Canada

Minister of State (Finance) Kevin Sorenson and Financial Consumer Agency of Canada (FCAC) Commissioner Lucie Tedesco attended an event hosted by the Economic Club of Canada during Startup Canada’s “Day on the Hill.” Fittingly delivered during Financial literacy Month, and under the theme “Growing Canadian Entrepreneurship: Reducing the Startup Failure Rate and Improving Financial Management,” their remarks stressed the importance of the collaboration of private businesses along with governments and non-profit and community organizations in developing a national strategy for financial literacy.

A study by Intuit Canada found that a lack of financial literacy skills is one of the major barriers that affects the success of entrepreneurs. Startup Canada established its Financial Literacy Committee to advise government and entrepreneurs about the gap and to spur private sector-led initiatives to address this issue.

Minister Sorenson underscored the Government of Canada’s commitment to strengthening Canadians’ financial literacy. The development of a national strategy for financial literacy is being spearheaded by Canada’s first Financial Literacy Leader, drawing on broad-based consultations across the country. Minister Sorenson emphasized that the success of the strategy will depend on collaboration and coordination among the public, private and non-profit sectors.

Quick facts

• The complete national strategy for financial literacy will be released in 2015.
• November is Financial Literacy Month in Canada. Follow the conversation on Twitter via the #FLM2014 hashtag or the FLMCanada Facebook page.
• FCAC recently launched a Canadian Financial Literacy Database which contains comprehensive information on financial literacy resources, events and tools available from public, private and non-profit providers of financial education, including entrepreneurship-related resources.
• Startup Canada is a network of entrepreneurs formed to build an environment for entrepreneurship in Canada through online platforms, cross-sector initiatives and grassroots communities.
• The Economic Club of Canada is a non-partisan organization that stages events across the country to bring members and guests face-to-face with influential leaders.

Quotes:

“Financial literacy, budgeting and good money management are key to building successful, prosperous businesses. I commend Startup Canada, Chartered Professional Accountants of Canada and Intuit Canada for collaborating to help educate Canadians on how to effectively run a business and manage their finances. When young entrepreneurs have the tools they need to start a business and thrive, our entire economy benefits.”
-Kevin Sorenson, Minister of State (Finance)

“Businesses, business associations and community groups are doing a lot right now to help enhance financial literacy skills across the country as part of Financial Literacy Month. The collaboration of all sectors in the Canadian economy is already making a meaningful difference in people’s ability to make informed choices about money and finance.”
-Lucie Tedesco, Commissioner of the Financial Consumer Agency of Canada