Description: Canadians turn out to be more financially literate than they anticipated. In a survey conducted by Canada Life, Canadians were first asked to self-assess their own level of financial acumen. Then, the same survey proceeded to ask them a number of questions around specific financial topics, such as what are the differences between TFSAs and RRSPs. While only 41% of the respondents gave themselves a “high” rating regarding their confidence around financial matters, these same Canadians had an average score of 71% on the detailed financial questions.

Date:  November 4, 2021

Source:  thestar.com

 Link: https://www.thestar.com/business/2021/11/04/canadians-are-more-financially-literate-than-they-realize-poll.html?source=newsletter&utm_content=a07&utm_source=ts_nl&utm_medium=email&utm_email=760BE779956395955CFBBA5C497D22A3&utm_campaign=sbj_83998

Discussion points:

1) How do you think you might score on a test of financial literacy?

2) The article notes that Canadians in their 20s had the lowest scores on the test. Why do you think this age group did not score as well as other segments of the population?

3) Chapter one of Wiley’s Financial Accounting: Tools for Business Decision-Making, discusses a number of well know Canadian accountants and their careers. Would you be interested in a career oriented towards educating Canadians about money matters?