More than half of Canadians admit needing help with their financial management skills

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 economy.

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

For further information:

For additional media information or to arrange an interview, please contact:

Ashley Tilley,        Nadia Flaim
Communications Coordinator     Communications Manager (Acting)
416-218-0010 ext. 127      416-218-0010 ext. 122
atilley@abclifeliteracy.ca    nflaim@abclifeliteracy.ca
 
Megan Hooper
Corporate Communications
TD Bank Group
416-982-4725
megan.hooper@td.com

 

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ABC Life Literacy Canada

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