Did you know that?
- Credit card balances have been carried over by 43% of Canadians – significantly more so than the 34% who stated the same in 2010.
- Six-in-ten Canadians say they save less than 10% of their monthly income, with 15% of these respondents indicating they save nothing. Only one-in-ten (11%) save 20% or more of their income (down significantly from the 14% who said the same in 2010).
- Four-in-ten Canadians believe they will be paying off their debt/mortgage after they turn 65. The same ratio believes that they’ll have to work past the age of 65 in order to make ends meet.
- About half (46%) of all respondents indicate their financial situation has not changed year over year. However, two-in-five (39%) indicate that their overall financial situation has improved and the reasons cited include: payment of some or all of their existing debt (59%) , an increase in overall household earnings (58%) and general improvement in money management skills (49%).
- When asked what kind of money management information they would be most interested in, Canadians cite minimizing tax, teaching children about money, avoiding fraud and managing finances overall.
Source: The Canadian Institute of Chartered Accountants (CICA)
About The Monnaie Money Project:
For the past four years the Carrefour jeunesse-emploi de Côte-des-Neiges and the Jamaican Canadian Community Women’s League of Montreal Inc. have been very active in promoting financial literacy to the wider community in the city of Montreal. This experience has been extremely valuable as we are in constant contact with youth and seniors from the various cultural communities. They have expressed to us what their needs are in terms of financial literacy programming.
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