Research says most Canadians say financial training could have eased their money worries
According to research from Edward Jones Canada, more than eight out of 10 Canadians (84 per cent) believe that having financial education in school would have helped them manage their personal finances with less stress.
The survey highlights that 64 percent of Canadians did not receive money management education during their school years and are now seeking ways to enhance their financial knowledge.
The survey data shows a clear divide in confidence levels between those who received financial education in school and those who did not.
78 percent of respondents who had some financial education rate their financial management skills as good, while only 59 percent of those without such education feel the same.
Conversely, 41 percent of respondents without financial education in school rate their personal finance skills as only ‘okay at most,’ compared to 22 percent of those who had some form of financial learning.
Additionally, Edward Jones explored Canadians' views on financial advisors. The research reveals that 72 percent believe they would manage their finances more effectively with the help of a financial advisor.
This figure rises to 78 percent among those who had financial education in school, compared to 69 percent for those who did not.
Millennials were found to be the most likely generation to seek financial advice, with 80 percent saying they would benefit from working with a financial advisor, compared to 66 percent of Boomers.
The survey also reflects a strong consensus on the importance of integrating financial education into the current school curriculum. 85 percent of Canadians support Ontario’s Grade 10 financial literacy requirement.
Support is highest in Ontario at 90 percent, while Alberta is the least supportive province at 74 percent.
Maryon Urquhart, director of Community Impact Programs at Edward Jones Canada, stressed the importance of financial education in shaping better long-term financial habits.
She stated, “Early financial education is essential for alleviating money-related concerns in the long term.”
Recognizing the growing need for accessible financial education, Edward Jones has launched an online Financial Fitness Program. The program offers four free interactive modules on key topics, including debt management, home buying, taxes, and discussions about money with family members.
The program is available to Canadians of all ages and backgrounds.
