Canadians Lack Personal Finance and Credit Knowledge

Posted on November 13, 2007 at 11:27 am
Filed Under Financial Planning

This week has officially been named “Credit Education Week” for Canadians, and for good reason.

To start the week off, a survey was released that interviewed 4000 Canadians on issues related to personal finance and credit. According to an article by Investment Executive “The survey clearly showed that the majority of Canadians do not have a sufficient understanding of basic personal finance and credit.” The fact that “90% of Canadians feel that they have more debt today than they did five years ago is an obvious indication that Canadians need to learn how to manage their money better,” says Valentine Lovekin, president and chairman of the Board for Credit Canada.

Your Take-Away: Education seems to be the key here. Thanks to a number of organizations such as Capital One, Credit Canada, and Equifax to name a few, a new website has been created that provides basic education specific to Canadians and their personal finance and credit questions. This site provides some very key information and tools that can be used in a variety of ways, and I truly believe that this is the kind of site that many Canadians should be adding to their “Favorites” list.

With the number of articles I’ve been reading specific to Canadians and their needs, it continues to become clear that talking to a Professional is a necessary step for most. Talk to your friends, your Accountant, or anyone else you can think of to find someone you trust and if nothing else, give them a chance to help you put your money on the right path to achieving your financial goals and managing your money appropriately.

Until next time, have a Terrific Tuesday!

Chris

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