Around the world, protests and riots have increased as citizens vent their frustration over national and personal financial crises. In Canada too, financial woes make daily headlines.

The crises are often blamed on increased living costs, low wages, and a lack of jobs. But there are more reasons for poor monetary health. Accumulating mountains of debt and persisting in destructive spending habits are two examples.

While our government presses hard toward its goal of a stable national economy—it has not forgotten that a country is only as strong as its citizens—and that its citizens are only as strong as their habits are healthy.

A failed money life is the highest cause of divorce, says the website of financial wizard Gail Vaz-Oxlade’s Canadian television show, Til Debt Do Us Part. On the show, she publicly steers brave families away from the verge of bankruptcy and divorce toward financial and marital stability.

Like Ms.Vaz-Oxlade, the government is preparing to provide Canadians with what they need to change their habits and avoid their own financial storms—education and practical tools.

The Honourable Jim Flaherty, Minister of Finance, has introduced a bill to Parliament that he hopes will begin turning things in a more positive direction for Canadians. The bill will provide for the appointment of a Financial Literacy Leader, as yet unnamed. The position has a big mandate: to strengthen the financial literacy of Canadians by providing them with the tools and the information they need to make financial decisions.

“Improving financial literacy helps consumers make knowledgeable and confident decisions towards achieving these financial goals,” said Minister Flaherty. Prior to the introduction of Mr. Flaherty’s bill, a Task Force on Financial Literacy held public consultations in communities across Canada. The Task Force was chaired by Donald A. Stewart, Chief Executive Officer of Sun Life Financial Inc.

“Every Canadian faces financial decisions each day,” said Mr. Stewart. “Some are small, others are critical. For most Canadians, making the right decisions, or putting them off entirely, can have a major impact on our financial well-being, and even our health and happiness. That’s what this initiative by the Task Force on Financial Literacy is all about—encouraging Canadians to take action and helping them make the right financial decisions.”

The government will name a financial literacy leader after the bill is passed. It’s a first step along the road of taking concrete action to equip Canadians with the knowledge, skills, and confidence to make financially sound decisions—for their own good, and the good of the nation.

The Task Force report is available at: www.financialliteracyincanada.com.

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The audio version of Garry's Jan. 16, 2012 op-ed column can be heard by clicking here