(NC) Do you have a household budget? Do you know how much you'll need to save to maintain your lifestyle in retirement? Do you know how to get your credit report?
If you answered no to any of these questions, not to worry — many Canadians are just like you. Nearly two-thirds rate their own financial knowledge as poor, based on results from the 2014 Canadian Financial Capability Survey (CFCS).
The CFCS tests the financial literacy of Canadian adults as well as their day-to-day money management and long-term financial planning behaviours. The survey found that fewer than half of Canadians take that first step in personal financial management — making a household budget.
While almost 70 per cent said they have no problem keeping up with their bills, three in 10 struggle to make their regular payments, and six in 10 don't know how much they'll need for retirement.
“Canadian households are dealing with record levels of debt and chronically low savings rates, but the Financial Consumer Agency of Canada has the information to help build your knowledge and skills, which can help you feel in control of your finances,” says Jane Rooney, Canada's Financial Literacy Leader.
The Financial Consumer Agency of Canada's website has tools to help, including a quiz to test your financial knowledge. It points you to the resources that can increase your knowledge in the areas where you need a boost. On the site, you will also find the Canadian Financial Literacy Database, which includes more than 1,300 resources and events to help you budget, manage debt, and save for retirement.
Find more information online at itpaystoknow.gc.ca.