New survey shows need for greater financial knowledge among Canadians
A recent survey by Tangerine found that only half of Canadians consider themselves knowledgeable when it comes to personal finances. Of the remaining half, 39 per cent consider their personal finance knowledge “satisfactory”, saying they only have enough knowledge to get by, and 12 per cent say they have limited or no knowledge.
Despite the need for greater personal finance knowledge, 79 per cent of Canadians surveyed say they have savings goals for the future. Top savings goals include saving for retirement (45 per cent), saving for an emergency fund (32 per cent) and saving for big vacation or travel (28 per cent).
To achieve these goals, 41 per cent say they set a budget and stick to it, while 51 per cent say they try and stay on budget, but sometimes lose track. Overall, 84 per cent reported that they live within their financial means. When asked what would prevent them from staying on budget or achieving their savings goals, 51 per cent of Canadians surveyed cited the rising cost of living and 36 per cent said last-minute or unplanned expenses.
“Financial Literacy Month is a great time to remind Canadians that there are many tools and resources out there to help them save more, spend less and meet their financial goals,” said Lucianna Adragna, Director of Deposit Products at Tangerine. “For example, Tangerine’s Forward Thinking blog has simple, helpful, and engaging content that provides practical information on all the financial milestones we encounter throughout our life.”