Appointment of Financial Literacy Leader needed: CICA

TORONTO, Feb. 7, 2013 /CNW/ - The Canadian Institute of Chartered Accountants (CICA) firmly believes that a nationally coordinated effort involving many stakeholders is required to improve the financial literacy of Canadians.

The CICA today appeared before the Standing Senate Committee on Banking, Trade and Commerce in Ottawa to offer its support for Bill C-28. The Bill establishes the legislative framework to appoint a Financial Literacy Leader to coordinate a national effort aimed at helping Canadians become better money managers.

"Financial literacy requires life-long learning and it must start with our children and youth," explains Nicholas Cheung, a director with the CICA, who made the organization's presentation. "Our research shows that most people surveyed for the CICA in 2012 want more than just parents or guardians involved. They also feel schools, the financial services sector, and government all have roles to play."

The CICA would welcome participating in a coordinated approach to assist Canadians in gaining the financial skills, knowledge and confidence required to make the best choices for their circumstances.

"While many organizations are working toward a common goal of improved financial literacy for Canadians, no one organization can effectively address all of the issues on its own," stresses Cheung. "The appointment of a Financial Literacy Leader is the critical first step to achieving a collaborative vision and effort. Helping Canadians develop financial knowledge is essential if we want a thriving economy."

The CICA is planning to launch a new program in 2013 using its members to provide community based financial education across Canada. This initiative will be in addition to the CICA's financial literacy publications and online resources. The CICA has a website dedicated to financial literacy (www.financialdecisionsmatter.com)

About CICA
Chartered Accountants (CAs) are Canada's most valued, internationally recognized profession of leaders in senior management, advisory, financial, tax and assurance roles. Through their integrity, expertise, and internationally recognized qualification standards, Canada's 83,000 CAs sustain their influence and leadership position both in Canada and globally.  As trusted business advisors to Canadian organizations of all sizes, Canada's CAs foster confidence in Canadian business and contribute to the health and sustainability of Canada's capital markets and economy.  The Canadian Institute of Chartered Accountants (CICA) represents Canada's CA profession both nationally and internationally.  The CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA).

SOURCE: Canadian Institute of Chartered Accountants

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Tobin Lambie, Manager, Media, CICA
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