Financial literacy lacking, say Canadians

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According to a recent poll from BMO, Canadians don't feel enough is done to help them understand financial matters.

The poll, conducted by Pollara, measured how Canadians grade the performance of financial literacy stakeholders—such as schools, banks, governments and media—for providing financial guidance and advice. It found:

  • 34% of respondents believe the education system does a good job providing advice about personal finances;
  • 78% believe financial institutions do a good job providing financial advice;
  • 38% believe governments do a good job providing financial advice; and
  • 41% believe media does a good job in this area

"The numbers clearly show a need to increase our efforts and improve upon the way major stakeholders, including financial institutions, approach helping Canadians heighten their understanding and overall capabilities in the area of personal finance," said L. Jacques Ménard, chairman of BMO Nesbitt Burns and Financial Literacy Task Force vice-chair. "Financial literacy is critical to the financial well-being of families, as well as the overall economy, and should continue to be a focus for all involved."

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