Suffering from money phobia? Don’t worry you’re not alone
TORONTO, ON, November 2, 2016 – It appears Canadians are a little bit terrified of their finances judging from their results on a recent survey gauging the financial pulse of Canadians everywhere.
So how bad is it? Unfortunately really bad. In 2014 the Canadian Capability Survey revealed only 43 per cent of men vs. 31 per cent of women says they are financially literate. And when you dig a little deeper into the survey results, there is a clear gender divide. The survey gave respondents 14 questions to answer about inflation, interest and risk diversification. Interestingly, 22 per cent of men correctly answered five of 14 questions in comparison to 15 per cent of women. The survey also took it one-step further with respect to education:
- Canadians with a high school diploma: 11% of women and 16% of men correctly answered five basic questions about inflation, interest and risk diversification
- Canadians with a university education scored 18% for women and 32% for men
“There may be an element of fear for some Canadians when it comes down to their personal finances and it doesn’t have to be this way. It is never too late to learn something new especially when it can affect your overall well-being,” says Jeffrey Schwartz, executive director, Consolidated Credit Counseling Services of Canada.
“Anyone can learn about financial literacy at any given time. All you need is a little patience and access to free resources to get started,” says Schwartz.
Although Canadians are suffering from money phobia, they can turn the tides in their favour by improving their financial literacy. To get started, Canadians can start off with the following:
- Make a promise to yourself to learn a new financial term each month and don’t be afraid to use it.
- Get in the habit of asking questions. One way to learn is to ask for help. A trusted financial advisor can help you understand some complicated terms in a way that is relevant to you.
- Get committed! Make a commitment to get your finances in order. There is no time like the present to get on track with a budget and manage your debt.
- Read financial news! Understand what is going on around you. There is an abundance of personal financial websites, webinars and tools to help you ‘get in the know’.
To help Canadians overcome their money phobia, Consolidated Credit Counseling Services of Canada is offering free in-house seminars on topics ranging from Identity theft to budgeting every Thursday from 5 to 6 p.m. ET. Space is limited, to register email: [email protected].
About Consolidated Credit Counseling Services of Canada, Inc.:
Consolidated Credit Counseling Services of Canada is a national non-profit credit counselling organization that teaches consumers about personal finance.
For more information or to request an interview with Jeffrey Schwartz, please contact:
Natasha Carr, Community and Public Relations Manager,
Consolidated Credit Counseling Services of Canada, Inc.,
T: 416-915-7283 ext.1041, C: 416-830-4720, F: 416-915-5200, E: [email protected]