Survey also reveals common mistakes made with personal finances
More than three in ten Canadians admit to not being honest with those closest to them about the state of their personal finances, according to survey.
The true cost of bills was hidden by more than 14% of respondents so that they could benefit financially, making it appear that others should pay more. Not being honest about the cost of purchases is another common deception discovered by the Compare the Market poll.
The research included more than 1,000 Canadians along with participants in Australia and the United States, with those in Canada deceiving those close to them more than those in the other nations. Ontarians were more likely than those in other Canadian provinces and territories to confess their dishonesty, along with the youngest cohost of adults (Gen Zs) across all survey participants.
Lack of knowledge
While financial dishonesty is one issue revealed by the research, a lack of knowledge is also a concern among 9% of Canadians respondents. They told the survey that they are not confident in handling their household bills despite half of them being responsible for this, leading to missed payments, the wrong level of insurance cover, or missing out on the best deals.
Last year, Equifax Canada research revealed that almost half of Canadian consumers have never had any financial education, leading to anxiety and mistakes especially among younger generations.
“Financial education is an essential building block towards financial resilience to help people make informed financial decisions and protect their well-being,” said Julie Kuzmic, Equifax Canada’s Senior Compliance Officer, Consumer Advocacy. “We need to talk about money more to empower Canadians of all ages and backgrounds to build financial resilience.”
