REPEAT-Second Annual BMO Financial Literacy Report Card: Canadians More Knowledgeable About Financial Terms in 2012
- Majority give themselves a passing grade in financial literacy - Canadians most familiar with RRSPs, TFSAs and GICs; not as familiar with DRIPs, ETFs and RDSPs - Half feel their knowledge of financial concepts has improved since the financial downturn of 2008 - Young Canadians least familiar with financial concepts
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/09/12 -- With Financial Literacy Month in full swing, BMO Financial Group today released its second annual BMO Financial Literacy Report Card which gauges the personal finance knowledge and understanding of Canadians.
Much like 2011, most Canadians gave themselves a passing grade on their level of personal finance knowledge, with nearly three-quarters giving themselves a B or C. Only one-in-ten (10 per cent) believe they deserved an A, while 3 per cent gave themselves a failing grade:
The report, conducted by Pollara, also revealed that Canadians are feeling more confident in their knowledge of various financial terms compared to last year. Canadians feel most knowledgeable about:
Meanwhile, despite a notable increase in awareness, Canadians continue to feel least knowledgeable about:
Interestingly, half (50 per cent) of Canadians say their financial knowledge has increased since the financial downturn of 2008.
"Improving financial literacy among Canadians is critical to the financial well-being of families, as well as the overall economy," said L. Jacques Menard, Chairman of BMO Nesbitt Burns and Financial Literacy Task Force Vice-Chair. "Increasing financial literacy should continue to be a focus for all involved, including financial institutions."
Mr. Menard added that BMO strongly supports the efforts and recommendations put forth by the federal government, including the Task Force on Financial Literacy and the introduction of the Financial Literacy Leader Act last November.
Familiarity with Financial Concepts
As part of the research, Canadians were quizzed on three questions related to common financial concepts:
However, according to the report's findings, a successful understanding of the financial literacy quiz is tied to age, with the majority (54 per cent) of those under 30 answering over half of the questions incorrectly. Furthermore, nine-in-ten (87 per cent) of young Canadians believe they would benefit from an introductory course on personal finance.
"While it's encouraging to see that Canadians are feeling more confident in their understanding of personal finance, there continues to be room for improvement, particularly among younger Canadians," said Gary Rabbior, President, Canadian Foundation for Economic Education (CFEE). "This underscores a need for financial literacy programs targeted to younger age groups to ensure they have a solid base of financial knowledge early on in life."
As a commitment to 'Making Money Make Sense', BMO is releasing a financial tip each day throughout November in support of Financial Literacy Month in Canada. To learn more about BMO's financial tips, visit .
For more on financial literacy, Canadians can visit the Government of Canada's website, as well as BMO's online resource.
For more information on CFEE, please visit .
The survey results cited in the 2012 Financial Literacy Report Card conducted by Pollara are compiled from a random sample of 1,000 Canadians 18 years of age and over between October 25 and October 29, 2012. A probability sample of this size would yield results accurate to +/- 3.1 per cent, 19 times out of 20.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $542 billion as at July 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
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Datum: 09.11.2012 - 14:00 Uhr
Sprache: Deutsch
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