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Our country has been ranked the third best overall when it comes to financial literacy and knowing the ins and outs of money.
Twenty-nine countries and their residents were part of a new study by the International Network of Financial Education. The report measured and compared the financial knowledge, attitudes and behaviours of adults across the world.
In first place was France, Finland came in second and Canada and Norway tied for third.
Canadians displayed healthy financial habits, such as setting and achieving long-term financials goals and monitoring personal finances. When questioned on financial knowledge, 60 per cent of Canadians answered most questions correctly.
"As Canada's first Financial Literacy Leader, I'm proud to be at the forefront of an international effort to improve the financial well-being of individuals and, even more so, that Canada is among the top five countries in this global financial literacy ranking,” explained Jane Rooney, Financial Literacy Leader.
“While Canada has made progress in this area, implementing the National Strategy for Financial Literacy—Count me in, Canada! will go a long way towards addressing the needs and gaps of Canadians."
Canadians also seem to have the right attitude when it comes to long-term money. Most of the people surveyed disagreed with statements like “I tend to live for today and let tomorrow take care of itself.”
Even though Canada ranked within the top countries, there are some areas we can improve on.
Only 30 per cent of Canadians rated their financial knowledge as high. Additionally, over 70 per cent of men scored high on knowledge, compared to only 50 per cent of women. Women scored the lowest on questions regarding to compound interest and inflation.
The Financial Consumer Agency of Canada will be working to address these needs to working with Canadians to build money confidence and knowledge.
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