The financial knowledge of Canadians (2011)

Canadian Social Trends - Article from March 8, 2011

This article is based on the results of a quiz included as part of the 2009 Canadian Financial Capability Survey (CFCS), sponsored by Human Resources and Skills Development Canada, Finance Canada and the Financial Consumer Agency of Canada. The quiz included 14 multiple-choice questions on such topics as inflation and interest rates; credit reports and credit ratings; stocks and risk; insurance; taxation; debts and loans; and banking fees.

Overall, Canadians received a grade of 67 per cent on the quiz. However, the author notes that performance on the quiz can be related to a number of demographic traits. For instance, respondents with higher incomes did better on the quiz than those with lower incomes. University graduates scored higher than respondents with a high school diploma or less.

Immigrants had lower financial knowledge scores than people born in Canada. The author notes that this relationship was complex, with income and time in Canada being important considerations when looking at average financial knowledge scores among immigrants.

The survey questions, along with the correct answers, are contained in an appendix to allow readers to test their own financial knowledge.

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2011-07-19
APA citation
Leslie-Anne Keown. The financial knowledge of Canadians 2011. Web. 5 Jun. 2020 <http://en.copian.ca/library/research/stats/financial_knowledge/financial_knowledge.pdf>
Leslie-Anne Keown (2011). The financial knowledge of Canadians. Retrieved June 5, 2020, from http://en.copian.ca/library/research/stats/financial_knowledge/financial_knowledge.pdf
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