A survey conducted by Desjardins Group also reveals that the habits of consumers with respect to managing their personal finances are changing slowly
LÉVIS, QC, Aug. 30, 2012 /CNW Telbec/ - Canadian consumers know little about insurance products, and their habits with respect to managing their personal finances have scarcely changed since last year. These are the findings of the latest SOM survey carried out for Desjardins Group among 3,000 Canadians as part of the Desjardins Personal Finance Index.
Inadequate knowledge of insurance products
To find out what respondents know about insurance coverage, eight questions were added to this year's survey on managing personal finances. Their answers indicate a widespread lack of knowledge of insurance products and certain shortcomings in their financial habits. The main findings of the SOM survey are as follows
- Only 44% of respondents knew that not all insurance policies come with surrender value.
- Only 45% knew that water damage is the most common type of claim filed by homeowners.
- Close to 40% of people protected by home insurance did not keep any of the lists, sales slips or photos of their most valuable assets that would help them submit an accurate claim in the event of a loss.
- 30% did not know whether their credit card comes with travel insurance, whereas 32% knew that it does but knew little about the coverage itself.
- A third of respondents have either opted for or refused a mortgage insurance product offered by a lending institution, without first assessing their financial situation or comparing costs with other mortgage insurance products available on the market.
Clearly, there is still a lot of work to be done to educate people about the importance of taking an interest in their finances, especially insurance products, in order to learn how to draw up and manage a budget more wisely.
It takes time for people to learn how to manage their personal finances and to adopt better financial habits. That's why Desjardins invites Internet users to take advantage of the financial self-evaluation tool found at www.desjardins.com/co-opme. The advice they get is sure to increase their level of understanding.
The survey was conducted between June 6 and 19, 2012, among 3,000 adult Internet users across Canada (1,500 in Quebec, 750 in Ontario and 750 in the other provinces). The margin of error at a confidence level of 95% is 2.9% in Quebec and 3.1% in the rest of the country.
About Desjardins Group
Desjardins Group www.desjardins.com is the leading cooperative financial group in Canada with assets of $194 billion. Drawing on the strength of its caisse network in Québec and Ontario and its subsidiaries across Canada, it offers a full range of financial products and services to its 5.6 million members and clients. Desjardins specializes in Wealth Management and Life and Health Insurance, in Property and Casualty Insurance, in Personal Services, in Business and Institutional Services. "Best Corporate Citizen in Canada" for 2012 and among Canada's Top 100 Employers for 2012TM, Desjardins is supported by the skills of its 44,645 employees and the commitment of nearly 5,400 elected officers. A new education and cooperation program is now available to Desjardins members and the general public. For more information, visit www.desjardins.com/co-opme.
SOURCE: DESJARDINS GROUP
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