For Immediate Release
March 28, 2008

YOUNG CONSUMERS: SPEND YOUR MONEY WISELY!

McGuinty Government Launches Awareness Campaign For Young Consumers

A new consumer awareness campaign will help young Ontarians make more informed decisions when spending or borrowing money.

Young consumers are more vulnerable to scams and are at a higher risk for debt problems.  A recent study found that only 66 per cent of Canadians between the ages of 21-30 consider the consequences of rising interest rates when borrowing money.

Consumers aged 18 to 25 have significant purchasing power, but often lack the experience needed to protect themselves against issues like money management, credit risk and identity theft.

The campaign will enhance awareness for smart money-management, identity theft and protecting yourself when making online purchases.  It will target young consumers in secondary schools, colleges and universities, and in the workplace. The campaign will include:

• A Young Consumer Advisory Group to consult with the government
• An outreach program to talk with young consumers in schools and community centres
• Education modules for use by teachers in secondary schools
• An interactive Young Consumer E-Zone on Ontario’s Consumer Protection website

The announcement is the first in a series of initiatives aimed at assisting young people during Consumer Awareness Week, which runs from March 28 to April 4 in Ontario.

QUOTES

“From buying cars and homes to dealing with banks and credit companies, we want to help young consumers make informed financial decisions,” said Government and Consumer Services Minister Ted McMeekin. “The more we can point them in the right direction and protect them from risks, the better.”

“We’re proud to join in this campaign with the Ontario government so that more young consumers get the information they need to succeed, and as early as possible,” said Laurie Campbell, executive director of Credit Canada. 

QUICK FACTS

• Almost a third of Ontarians have four or more credit cards
• 930 convictions within the last four years have been made under the Consumer Protection Act

 

LEARN MORE

Read more about consumer protection in Ontario at www.ontario.ca/consumerprotection

For further information on credit education and debt management, visit http://www.creditcanada.com/

Backgrounder: Consumer Protection in Ontario

Greg Denni
Minister’s Office
416-327-3072

Ciaran Ganley
Communications Branch
416-325-8659