New Ipsos Reid research addresses habits and comfort level of Canadians
with their financial literacy and math skills; ABC Life Literacy Canada
and TD Bank Group announce inaugural Financial Literacy Week
TORONTO, May 10 /CNW/ - Research firm Ipsos Reid today unveiled findings
of new national research providing insights on the habits and comfort
of Canadians with their financial literacy and math skills.
Key findings from the research showed that:
72% of Canadians do not strongly agree that they are confident with
their math and money management skills as they relate to helping plan
for a secure financial future.
On average Canadians put away only $211 per month for long-term savings.
4 in 10 Canadians, however, save nothing while 61% of Canadians save
less than $100 per month.
83% of Canadians are familiar with the term RRSP but less than 60% are familiar with RESP.
79% of Canadians are not fully confident in their ability to teach
another person about money, saving and budgeting.
"When it comes to the confidence level of Canadians this research shows
that most acknowledge room for improvement in many areas of their
financial skills," said Sean Simpson, Associate Vice President at Ipsos
Reid. "We also know that as a person's level of completed education
decreases, their room for improvement increases."
Today's research findings echo 2003 IALSS statistics that showed 49.8%
of Canadians struggle to perform tasks involving math and numbers.
Increasing the skills and comfort level around personal finances and
the use of math in everyday life is essential to all Canadians as it
supports a productive household, a dynamic workplace and a competitive
As part of today's news conference, ABC Life Literacy Canada announced
Financial Literacy Week, October 30 to November 5, 2011 alongside
founding sponsor TD Bank Group. Financial Literacy Week is a national
awareness and engagement campaign that seeks to increase the financial
literacy and math skills of Canadians through access to tools,
resources and community events and celebrations.
The announcement builds on the existing relationship between TD Bank
Group and ABC Life Literacy Canada that, together with the Government
of Canada, saw the creation of Money Matters™. 700 TD Bank Group
volunteer-tutors will invest over 5,600 teaching hours to this new
financial literacy program. Launching nationally in Fall 2011 and
available to adult learners enrolled in a community-based literacy
program, Money Matters™ focuses on building comfort and understanding
of topics such as budgeting, banking basics, savings and credit, and
RESPs and borrowing.
"We are excited to be working with TD Bank Group to help increase the
financial literacy and math skills of Canadians along with their
overall confidence in making financial decisions," commented Margaret
Eaton, ABC Life Literacy Canada president. "Responding directly to the
recommendations brought forth by the Task Force on Financial Literacy
in February, these initiatives offer Canadians a way to gain knowledge
and comfort and ensure they are leading a fully engaged life."
For more information, visit abclifeliteracy.ca/financial-literacy.
To view the complete Ipsos Reid research, please visit www.ipsos.ca.
About ABC Life Literacy Canada:
ABC Life Literacy Canada is a non-profit organization that inspires
Canadians to increase their literacy skills. ABC Life Literacy Canada
envisions a Canada where everyone has the skills they need to live a
fully engaged life. For the latest news and information on adult
literacy please visit www.abclifeliteracy.ca, or stay connected with us through Twitter, Facebook and LinkedIn.
About TD Community Giving
TD invests in communities to make a positive impact where it does
business and where our customers, clients and employees live and work.
In 2010, TD donated over $50 million to support community organizations
in Canada, the United States and the United Kingdom. In Canada, we
focus on Education and Financial Literacy, Creating Opportunities for
Young People, and the Environment. For more information, visit www.td.com/corporateresponsibility.
SOURCE ABC Life Literacy Canada
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