My colleague, James Rajotte, Member of Parliament for Edmonton-Leduc and Chair of the Finance Committee has introduced M-269, a motion aimed at improving the financial literacy of all Canadians.

The motion builds on the government’s efforts thus far to improve the financial knowledge of Canadians, primarily through the establishment of the national Task Force on Financial Literacy.

Mr. Rajotte’s motion asks the government to continue its efforts and push forward on the Task Force’s recommendations including requesting the government to create, promote, and continuously upgrade a single source website for financial literacy to increase public awareness and ease access to information for Canadians; require federally regulated financial institutions to publicly disclose their contributions to financial literacy initiatives; ensure the Financial Consumer Agency of Canada works with willing provinces and territories to promote financial literacy to youth through the educational system; and designate November as "Financial Literacy Month".

I, for one, enthusiastically support the motion.

As a father of three daughters just beginning to strike out on their own, I can see that their generation is long on financial options but short on the know-how to maneuver through the choices they have at their disposal.

And I’m particularly concerned about the number of seniors who don’t know how to navigate the financial choices out there, especially when it comes to investing their savings.

A better understanding of the options available will surely help everyone.

As my colleague Mr. Rajotte said in his remarks on his motion, “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.  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.”

The final report released by the Task Force on Financial Literacy found that only 51 percent of Canadians maintain a personal budget and that 31 percent of Canadians struggle to pay their bills.  It also showed the more educated Canadians were, the better they managed their finances.

It is our responsibility as parliamentarians to ensure that Canadians have access to the best information and education available so that consumers can meet their financial obligations and plan for a solid future.

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.

In the meantime, if you have any views on the matter you would like to share, please feel free to send them to me at ron@cannan.ca or directly to Mr. Rajotte at james.rajotte.c1b@parl.gc.ca, by twitter at www.twitter.com/jamesrajotte, or by phone at (780)-495-4351.

Canadians and Their Money: Building a Brighter Financial Future released by the Task Force on Financial Literacy in December, 2010, is available at http://financialliteracyincanada.com/pdf/canadians-and-their-money-1-report-eng.pdf

Ron Cannan is the Member of Parliament for Kelowna-Lake Country