Credit Canada announces first ever 'Credit Education Week Canada' to
build financial awareness and increase Canadians' financial IQ
TORONTO, Sept. 13 /CNW Telbec/ - Canadians report feeling more in debt
than ever with 90% saying they have more debt today than five years ago,
according to a recent study sponsored by Credit Canada. Despite this feeling
of indebtedness, over half of Canadians (53%) still do not have a
personal/household budget. Furthermore, they remain unaware of critical
information and tools that are available to help them manage that debt. For
instance, the survey results showed that a large majority (80%) do not know
their credit rating (or credit score), leaving them in the dark about a key
factor in the cost of their debt.
"A credit score can be one of the most significant numbers in consumers'
lives. Our survey findings substantiate the need for greater education on key
personal finance issues including credit, savings, and retirement planning,"
says Laurie Campbell from Credit Canada. "It is critical for Canadians to have
the knowledge and capacity to effectively manage their finances today in order
to plan for and build a stronger future."
The survey findings also highlight other significant gaps in public
awareness and behaviour when it comes to personal finance. For example,
one-quarter (26 percent) of Canadians do not consider the consequences of a
rising interest rate when borrowing money.
Taken together these gaps mean many Canadians lack the knowledge to
effectively manage their finances, a situation that could be taking money out
of their pockets. To sharpen the Canadian financial IQ, Credit Canada and
Capital One Financial Corporation are teaming up to co-sponsor the first ever
Credit Education Week Canada that will take place November 13-16 of this year.
"Understanding the basics of credit and personal finance can have a
tremendous impact on your financial well-being, both today and in the future,"
said Bill Cilluffo, president of Capital One Canada. "Capital One is committed
to building awareness on all issues related to personal finance. We are proud
to partner with Credit Canada, and we hope Canadians will take advantage of
Credit Education Week events and resources to build their credit wisdom."
About Credit Education Week
Credit Education Week is a national event supported by leaders in
financial services, consumer advocates, community organizations and
government. The goal of this initiative is to empower the public to make wise
financial choices by placing tools and resources at their fingertips through
free events that will address key topics in all stages of financial life.
The calendar of events for Credit Education Week Canada includes:
- National essay contest aimed at grade-twelve students who will
answer how they plan on financing their post-secondary education.
Winners will receive scholarship awards.
- University Campus fairs featuring presentations by James Cunningham
of "Funny Money"
- University of Toronto, Hart House, Toronto - November 13,
10:00am to 4:00pm
- York University, Underground, Toronto - November 14,
10:00am to 4:00pm
- Credit Education Trade Show featuring seminars led by noted authors,
experts and government agencies on topics including: youth and money,
identity theft/fraud, retirement planning, savings and investment.
- Four Seasons Hotel, Toronto - November 15,
10:00am to 4:00pm
- Gala Dinner featuring Stephen Lewis, Four Seasons Hotel,
Toronto - November 15, 5:30pm to 8:30pm
For more information and updates please visit
These are some of the findings from a Torque Market Intelligence poll
conducted on behalf of Credit Canada. The online survey was launched on
May 24, 2007, with the final results submitted on June 26, 2007. It is based
on a randomly selected sample of 4,487 adult Canadians. The margin of error
is +/-1.46 percentage points (19 out of 20).
About Credit Canada
Credit Canada is a non-profit charitable service that has assisted
thousands of people with credit counselling and debt management programs since
1966. Credit Canada is a member of the Ontario Association of Credit
Counselling Services and a Charter Member of Credit Counselling Canada.
About Capital One
Located in Toronto, Ontario, Capital One has offered Canadian consumers a
range of competitive MasterCard(R) credit cards since 1996, when the company
first introduced the Platinum MasterCard(R) in Canada. Capital One Canada is
a division of Capital One Bank, a subsidiary of Capital One Financial
Corporation of McLean, Virginia (NYSE: COF)
For further information:
For further information: Laurie Campbell, Credit Canada, (416) 228-2526,