Canada’s first financial literacy leader, appointed just over a year ago, will be setting out her strategy at a meeting in Toronto Tuesday. Jane Rooney and junior finance minister Kevin Sorenson are hoping that they can inject better understanding of finances into the Canadian public at a time when household debt is at record levels.
With split opinion among economists as to the level of concern that should be applied to household debt levels, there is agreement that when interest rates begin to rise families will be put under increased pressure. Mortgages may not be the primary concern as credit card debt and car loans are likely to be the first debts that are defaulted. Ms. Rooney’s strategy is almost certain to call for more responsible behaviour by borrowers, increased retirement savings and for banks and mortgage lenders to assist with financial and practical help.
With split opinion among economists as to the level of concern that should be applied to household debt levels, there is agreement that when interest rates begin to rise families will be put under increased pressure. Mortgages may not be the primary concern as credit card debt and car loans are likely to be the first debts that are defaulted. Ms. Rooney’s strategy is almost certain to call for more responsible behaviour by borrowers, increased retirement savings and for banks and mortgage lenders to assist with financial and practical help.
