News Releases
James Rajotte MP’s Financial Literacy Motion Passes in the House of Commons
March 8, 2012
Ottawa, ON – Canadians are one step closer to having effective tools available to help them better understand and manage their finances. Private Member’s Motion M-269 was introduced by Edmonton-Leduc MP James Rajotte last November and passed in the House of Commons yesterday by a vote of 269-3.
“Financial decisions are becoming more complex and confusing all the time, and have more serious long-term implications than ever before,” said James Rajotte, MP. “This Motion will help empower Canadians to better understand their own finances, and make better decisions about their money.”
The Motion would see the implementation of the recommendations of the Task Force on Financial Literacy, Canadians and Their Money: Building a Brighter Future. Also included in the Motion is a comprehensive website to help educate Canadians on financial issues, a requirement for financial institutions to publicly disclose their contributions towards the promotion of financial literacy, ensuring that the Financial Consumer Agency of Canada works with willing provinces and territories to help promote financial literacy in schools, and the designation of November as “Financial Literacy Month”.
As the Task Force report stated, “Financial literacy is having the knowledge to understand personal and broader financial matters, skill to apply that knowledge and understanding to everyday life and the confidence to use the skills and knowledge to make responsible financial decisions that are appropriate to the individual’s situation”.
“Financial literacy is about becoming more informed, about more than just understanding finances,” Rajotte continued. “It is about being equipped to make better decisions that will help Canadians plan for their future, and for the future of their families.”
Rajotte concluded by thanking those who are already working to improve financial literacy. “So many Canadians are already giving their time to help educate people on these issues, and their efforts are having a meaningful impact on the lives of Canadians. I would like to thank and recognize those individuals, non-profit organizations, and financial institutions who are currently working to make Canadians more financially literate,” he said.
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For more information:
Samantha Johnston, Communications
Office of James Rajotte, MP
T: (780) 495-4351
james.rajotte.c1b@parl.gc.ca
James Rajotte Introduces Motion on Financial Literacy
Monday, November 21, 2011
Ottawa, ON - On Tuesday, James Rajotte, Member of Parliament for Edmonton-Leduc, introduced and debated M-269, a motion aimed at improving the financial literacy of all Canadians.
“We live in a world today where technology is constantly changing, as is personal finance. Only a few decades ago, credit cards were a luxury item. Debit cards did not even exist. Online banking and buying could not even be conceived as they happen today. Mortgage products were standard and choice was limited,” says Rajotte. “Today, Canadians are faced with increasingly complex financial decisions that have greater potential consequences, and at a younger age than ever before. Each financial decision has consequences, for individuals and families and for our economy as a whole.”
During the motion’s first hour of debate M-269, Mr. Rajotte called on the government to continue their efforts to advance financial literacy in Canada. In 2009, the Minister of Finance established a national Task Force on Financial Literacy. Mr. Rajotte believes that the recommendations of the task force should be implemented. Accordingly, the motion reads:
“That, in the opinion of the House, the government should help improve financial literacy in Canada by: (a) working to implement the recommendations of the Task Force on Financial Literacy; (b) creating, promoting, and continuously upgrade a single source website for financial literacy to increase public awareness and ease access to information for Canadians; (c) requiring federally regulated financial institutions to publicly disclose their contributions to financial literacy initiatives; (d) ensuring the Financial Consumer Agency of Canada works with willing provinces and territories to promote financial literacy to youth through the educational system; and (e) designating November as "Financial Literacy Month".
The final report released by the Task Force on Financial Literacy found that only 51 percent of Canadians maintain a personal budget and that Canadians with high levels of education are more likely to have a budget. The report also found that 31 percent of Canadians struggle to pay their bills.
“Proper planning through financial literacy will help Canadians meet their financial obligations and allow them to plan for the future,” Rajotte continued. “It is our responsibility to ensure that Canadians have access to the best information and education available.”
The motion will be debated for a second hour early in the new year, and Mr. Rajotte is hopeful that all Parliamentarians will support this crucial initiative.
Canadians and Their Money: Building a Brighter Financial Future was released by the Task Force on Financial Literacy in December, 2010. It is available at http://financialliteracyincanada.com/pdf/canadians-and-their-money-1-report-eng.pdf.
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For more information, contact:
Samantha Johnston, Communications
Office of James Rajotte, MP
T: (780) 495-4351
F: (780) 495-4485
james.rajotte.c1b@parl.gc.ca