Most Canadians believe their own level of financial knowledge is higher than that of the “average Canadian,” according to the latest RBC Canadian Consumer Outlook.
More than 70% of respondents to RBC’s quarterly poll classified their financial knowledge as “excellent/good.” In contrast, 65% think that the average Canadian’s level of financial knowledge is “not very good,” and 64% said the think financial literacy deserves more attention.
While respondents indicated confidence in their own financial knowledge, many indicated they were willing to take steps to further improve their understanding, including:
- speaking to a financial advisor (36%)
- reading newspapers and listening to business reports on TV and radio (30%)
- getting advice from financially savvy friends and family (30%)
- visiting websites of banks and investment firms (22%)
- taking a course (13%)
The survey also suggests that Canadians are evenly split on whether they think the economy will improve in the coming year, with 30% expecting better things ahead and 29% saying they believe the economy will get worse.
“The pace of consumer spending has slowed, which is likely a reflection of Canadians exercising a higher degree of caution due to elevated levels of household debt and volatility in financial markets,” said Craig Wright, senior vice-president and chief economist with RBC.