Canada Third in Financial Literacy

According to a new study, Canada gets the bronze when it comes to financial literacy.

Based on the OECD/INFE International Survey of Adult Financial Literacy Competencies, Canada ranks third among 29 nations comparing adult financial knowledge, attitudes and behaviours.

Coffee shop in downtown Winnipeg. (photo via CBC, Fools and Horses/Facebook)

Details from the survey:

  • Canada shares its top-three ranking with France, in first place; Finland, in second; Norway, tied with Canada, in third.
  • One-third of Canadians have had a difficult time covering living expenses using income alone—many of the individuals who struggle draw on debt to make ends meet.
  • Generally, Canadians score well on basic financial literacy questions and are moderately confident in their knowledge, which demonstrates that they need a boost. However, women and young people are less likely to score well on basic financial knowledge tests.

“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. 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.”

–Jane Rooney, Financial Literacy Leader, Financial Consumer Agency of Canada

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