'Monkey See, Monkey Do,' as teens adopt their parents' approach to money matters

    Gaps in financial education persist even during harsh financial times;
    Credit Education Week to bring awareness and tools to the forefront

    TORONTO, Oct. 30 /CNW Telbec/ - A recent national survey of parents and
their teens found that parents are not passing the grade when it comes to
teaching their teenagers about money. The study, commissioned by Credit
Canada, revealed that only 14% of parents are taking the time to provide an
in-depth explanation to their teens about the importance of saving money,
different saving vehicles and the benefits of each.
    The study - released in conjunction with Credit Canada's and Capital
One's Second Annual Credit Education Week - also revealed that teenagers are
either mimicking, or in some cases, far exceeding their parents' poor money
management behaviors. For example, the study found:

    - Budgeting:

        - Only 56% of parents set a budget for themselves and try to stick to
          it, while a mere 25% of teenagers are adopting this budgeting

    - Saving:

        - Only 33% of parents think saving money is important and
          consistently save every month, while only 20% of teenagers do the

    "We are poised to have another generation unprepared to manage their
money and save for their futures because nobody is taking the time to properly
explain all the basics of money management to them," said Laurie Campbell,
Executive Director of Credit Canada. "The next generation will be as
ill-equipped to deal with their finances as their parents if we don't start
taking the responsibility of teaching our children the basics about money more
    In fact, financial education has never been more urgent. According to the
2007 Vanier Institute's study entitled The Current State of Canadian Family
Finances, household incomes are rising but debt has risen seven times faster
since 1990.
    "Financial education is the key to giving our teenagers the tools they
need to succeed in these turbulent economic times," said Bill Cilluffo,
president, Capital One Canada. "This year's Credit Education Week promises to
address this alarming gap so future generations learn how to manage their
money wisely."
    With the added volatility of our current economy, learning how to
effectively manage your money has become even more critical. That is why
Credit Canada and Capital One have partnered together to present the second
annual Credit Education Week. Credit Education Week is a national event
created to empower the public to make wise financial choices. This year, the
event focuses on improving the financial literacy of teenagers and helping
parents teach their children more effectively.
    Credit Education Week kicks-off on November 17th with a high school
presentation by comedian James Cunningham of Funny Money, a program that
delivers a powerful financial message to youth using humour. The event
culminates on November 20th with a speaker series and trade show event that
will be open to the public. Additional research findings and information will
be made available along with innovative financial management tools and
comprehensive online money management information for youth and adults.

    For more detailed information and a schedule of activities, visit

    About the Survey

    These are the complete findings from a Torque Customer Strategy conducted
on behalf of Credit Canada. The on-line survey was completed with parents and
their teens between August 27th and September 9th, 2008. In total, 407 survey
responses were collected from parents and 407 survey responses were collected
from teenagers, with equal distribution across the 4 major regions in Canada.
The margin of error for the combined statistics (parents and teenagers) is
+/- 3.43% 19 times out of 20. Individually, the margin of error is +/- 4.86%
19 times 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,
lcampbell@creditcanada.com; Laurel Ostfield, Capital One Canada, (416)
549-2753, laurel.ostfield@capitalone.com

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