New report reveals how the majority of Canadians are confident about their financial well-being, even after failing a basic financial literacy test
TORONTO, Nov. 2, 2020 /CNW/ – November marks the 10th anniversary of Financial Literacy Month (FLM) and a new report, released by Zolo, the largest tech-driven real estate marketplace, clearly shows how much Canadians overestimate their financial knowledge.
The report asked 6,551 Canadians to rate their knowledge, confidence and skills when it comes to managing their finances. While the majority (70%) of Canadians felt confident about their financial knowledge, when tested the results showed a surprising lack of money management skills:
Further insights show how difficult it’s been for many Canadians over the last 12 months:
Infographic is available here.
“Developing good money-management skills, like budgeting, are critical to financial well-being,” explains Romana King, personal finance expert at Zolo Homebase. “Without basic financial literacy skills, people make money decisions that end up costing them now and in the future.”
Financial literacy and financial sufficiency are closely linked and the data from this report helps highlight the ongoing need — and urgency — for formal financial education.
Survey Details
The survey data was collected through an online survey between September 19 to October 12, 2020, where 6,551 respondents answered questions that were integral to financial literacy. The estimated margin of error is +/- 1.59 percentage points, 19.8 times out of 20 (99%).
Read a summary of the report online at Zolo Homebase:
About Zolo
Zolo is one of Canada’s most popular national real estate marketplaces. Each month more than 10 million home shoppers use Zolo to buy, sell, rent, finance, and learn about real estate.
Born as a digital-first company, Zolo gives Canadians access to real-time data, market updates and listing details, and connects clients with real estate professionals throughout the entire home buying, selling and rental process.
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