Launch of First Ever National Credit Education Week - November 13 - 16th - Credit Canada and Capital One Canada Take Important First Step to Educate Canadians about Financial Management



    TORONTO, Nov. 13 /CNW Telbec/ - Today, Credit Canada and Capital One
Canada proudly launched the first annual Credit Education Week which runs from
November 13th to November 16th. The national launch took place in Toronto at
the University of Toronto's Hart House, where an open Campus Fair was underway
for the benefit of students and young people.
    During the launch, the results of a national consumer survey of more than
4,000 Canadians were released. The survey clearly showed that the majority of
Canadians do not have a sufficient understanding of basic personal finance and
credit.
    "The findings of this survey are a call to action. To know that
90 percent of Canadians feel that they have more debt today than they did
five years ago is an obvious indication that Canadians need to learn how to
manage their money better," said Valentine Lovekin, president and chairman of
the Board for Credit Canada. "Clearly, Canadians are struggling with the
financial basics and we hope that Credit Education Week can be a first step to
help Canadians acquire the knowledge and skills they need to take control of
their financial destiny."
    For Credit Education Week co-sponsor, Capital One, the results of the
survey confirmed the company's decision to invest in this valuable initiative
to help educate Canadians about financial management.
    "For many people, managing personal finances and making decisions about
money management can seem daunting, but armed with the right information and a
grounding in the basics of finance, making smart choices is much easier," said
Rob Livingston, Chief Marketing Officer of Capital One Canada. "At Capital
One, we take financial education very seriously and want to contribute our
knowledge and advice to help Canadians gain a better understanding of the
importance of managing their finances wisely."
    The study results make it clear that many Canadians could benefit from
more financial information and education. Highlights from the poll can be
found at the end of this release (or the full results online on the media page
at www.crediteducationweekcanada.com).
    Credit Canada and Capital One were joined by a number of other partners,
including Visa Canada, Royal Bank, and Asset as well as other supporters in
launching Credit Education Week. A recognized advocate for financial
education, Linda Leatherdale, was the M.C. for the event, along with
"Funny Money" creator James Cunningham, who delivers a sound financial
management message with a humorous twist. Other participants included Pran
Bahl of Credit Counselling Canada, and Henrietta Ross of the Ontario
Association of Credit Counselling Services.
    Credit Education Week was created to empower Canadians to make wise
financial decisions. Throughout the week, Canadians will be given free access
to expert financial advice through campus fairs, trade shows, and seminars. A
new Web site has also been created: visit (www.crediteducationweekcanada.com)
for online tips and tools to help Canadians learn how to manage their finances
more effectively.

    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)

    
                     National Consumer Study Highlights

    - Fifty-three percent of Canadians do not have a personal/household
      budget; one in three (34%) Canadians who have a budget do not follow it
      regularly
    - Eighty percent of Canadians do not know their credit score
    - Well over half (63 percent) do not know how a credit score is
      determined
    - One-quarter (26 percent) of Canadians do not consider the consequences
      of a rising interest rate when borrowing money
    - Twenty-eight percent of Canadians don't know the interest rate of their
      credit cards
    - Over half (53 percent) of Canadians do not contribute to their RRSP
      each year
    - More than half of all Canadians (55%) admit to having more expenses
      than income at least one month a year, with 14 percent saying that's
      true for six months, and six percent say they have more expenses than
      income 12 months of the year.
    - 61 percent of Canadians do not have a financial advisor
    - 52 percent of Canadians are not aware of free credit and debt
      counselling services available in Canada

    Furthermore, the study reveals that Canadians worrying about their
    financial situation:

    - 30 percent of Canadians feel that they will not be able to retire until
      after the age of 65
    - 17 percent of Canadians will need to make major changes to spending
      habits and will need to consider an action plan to help avoid
      bankruptcy if their income were to drop by 10%.
    

    Complete survey results are available by visiting
    www.crediteducationweekcanada.com/media.

    Survey Methodology

    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).




For further information:

For further information: Laurie Campbell, Credit Canada, (416) 228-2526,
lcampbell@creditcanada.com

Organization Profile

Capital One

More on this organization

CREDIT CANADA

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890