When it comes to their financial literacy, 94% of Canadians give themselves a passing grade.

But when it comes to investing, BMO’s fourth annual Financial Literacy Month survey finds that 56% feel knowledgeable about the subject compared with 82% who feel knowledgeable about eating well.

Knowledge of other aspects of financial management fared much better than investing, with 88% feeling knowledgeable about budgeting household expenses and managing debt.

The poll also reveals that more than half (56%) of Canadians feel they would benefit from an introductory course covering personal finance basics.

Despite believing they will need close to $1 million to retire ($965,913), 43% of Canadian households have a financial plan that would help them get there.

And the majority of Canadians would rather talk to their children about the facts of life than they would about their financial situation (59% versus 41%, respectively).

Financial Literacy Month is held every November. BenefitsCanada.com will feature a special section on the site next month.

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Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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Robert Odynski:

So 94% think they are financially literate?

That’s impossible because 2 out of 3 Canadians vote for left of centre politicians who make it hard for business to start or stay in business, raise taxes on everyone (especially on the middle class), waste tax dollars on useless fantasies, and block private sector investments that create sustainable jobs and tax revenues needed to pay for social programmes.

Those 2 out of 3 Canadians can’t possibly be financially literate.

Wednesday, October 29 at 2:43 pm | Reply

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