Canadians award themselves a B on their level and degree of financial literacy, but say they will need to learn a great deal more, in accordance to research from Investors Group.
While seniors (Canadians 65 and older) declare to be most well-informed and educated about fundamental financial planning concepts, only 62% say they tend to be comfortable about retirement planning.
Amongst those positioned and ready for this next life stage Canadians 45-64 year sonly half (50%) are comfortable with the knowledge and information they have on this topic area.
“If the student gives themselves a B, it means there is room for more learning,” said Debbie Ammeter, vice-president, Investors Group. “We all need to understand the when, where and how of financial literacy.”
Only three-out-of-ten (27%) claim to be well informed. More than four-in-ten (44%) Canadians say they find financial planning topics confusing.
“The truth is that all of us learn as we go to some extent,” said Ammeter. “Every important life stage and milestone requires a different investment and personal finance strategy to help you achieve your goals.”
Not having enough money to make financial planning meaningful is cited by 53% of respondents as a reason why they have not tried to learn more about financial topics. Other major barriers to learning about financial planning and investing were identified as being intimidated by complexity of choices (39%), a lack of personal contacts to engage in discussion (30%) and lack of time (29%).
The report found 44% of Canadians feel the best way to gain financial knowledge is by seeking the advice of a professional financial advisor. Canadians who have financial advisors are most likely to say they are satisfied (60%) with their personal level of financial literacy, noted the study.
However, some Canadians appear to have their work cut out; they rank themselves as poor to average at saving money (60%), following a budget (59%), investing regularly (58%), or following a financial plan (61%).
To learn more please visit: http://www.advisor.ca/news/industry-news/canadians-need-more-financial-knowledge-64397