Many Canadians are barely keeping their heads above water when it comes to their finances.
According to a recent Statistics Canada survey, only 51% have a budget, 31% are struggling to pay bills; and of those planning to buy a home, 48% saved less than 5%. When it comes to retirement, 70% knew what lifestyle they wanted but only 40% knew how they would pay for it.
Does that sound like Canadians are a money-savvy bunch? Not really. But there is a way ahead, according to a recent task force on financial literacy. Schools, governments and businesses could do a better job of educating people about their finances.
Education about money management needs to start in elementary school and it can't end there if Canadians are to be better prepared about how they make financial decisions for their future.
What do you think? Do you think you have enough knowledge to make sounddecisions about your finances? Vote in our online poll.
