There are some gaps in knowledge that need to be filled according to a PC Financial poll
Canadian adults generally score well on financial literacy with almost eight in ten saying they are confident in their abilities.
Over 55s are most confident in their financial literacy (86%) with 18-54s lagging (72%).
Armed with this knowledge, two thirds of respondents to a poll by PC Financial feel confident about their financial future, despite the current uncertainty about the economy (the poll was conducted at the start of October).
However, there are some gaps in financial knowledge that require advice and information from wealth professionals, particularly around their savings.
The survey shows that fewer than half (44%) of Canadians feel they were equipped with the advice and tools needed to save for their future.
While 70% felt confident in being able to stick to a budget, that leaves a significant share who are not. Those aged 18-54 are less confident in their regard (63%) than over 55s (81%).
Only a slight majority of Canadians (57%) feel financially prepared to deal with a major unexpected expense.
Savings uncertainty
The younger group was also less confident in knowing how much they should save each month – 67% compared to 82% for the older group.
"These findings tell us we need to continue to offer financial products that help Canadians see their monthly cash flow, so they feel informed and aware about where their money is going." explains Jackie Porter, Certified Financial Advisor.
