Canadian parents feel they can teach their kids basic financial literacy, but feel less confident in their own knowledge of more complicated financial topics
TORONTO, Nov. 6, 2023 /CNW/ - A new CIBC poll finds the majority of Canadian parents (78 per cent) say they are confident in their abilities to teach their children financial literacy, but that confidence drops when it comes to their own grasp on the topic beyond the basics.
While the majority of Canadians say they are knowledgeable about day-to-day budgeting (86 per cent), saving money (86 per cent), and paying off their debts (79 per cent), only 53 per cent say they are knowledgeable about topics like investing or wills and estate planning (53 per cent) and almost half (49 per cent) still say they wish they knew more about tools or resources available to get a better grasp on their finances.
"Having early and on-going conversations is important for parents who want their kids to develop high levels of financial literacy. Continuing your own education and expanding your own knowledge base is equally important to help make informed financial decisions for the future," said Carissa Lucreziano, Vice-President, Financial and Investment Advice, CIBC, who recommends speaking to an advisor who can help build on that knowledge and turn it into an actionable plan.
The poll also found that Canadians are putting more scrutiny on their finances in a more challenging economy. This sentiment is not surprising given most Canadians (83 per cent) say they are paying close attention to their own finances on a regular basis, and more than half (55 per cent) say they need to get a better handle on their finances this year. Overall, most Canadians (60 per cent) wish they had a stronger level of financial literacy, which indicates a need for more advanced or specialized help.
- Investment advice/help building investments: 23 per cent
- Preparation for retirement: 19 per cent
- Strategies to offset inflation: 19 per cent
- Help managing cost of living: 15 per cent
"November's Financial Wellbeing Month is an excellent time for Canadians to familiarize themselves with the many resources available to them," said Lucreziano. "Whether it's speaking with a trusted financial professional or accessing your bank's online tools, articles, podcasts and events, there's many ways to expand and improve your financial knowledge."
This Maru Public Opinion survey was undertaken on September 20, 2023 by the sample and data experts at Maru/Blue and involved 1546 randomly selected Canadian adults who are Maru Voice Canada online panelists. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. The results have been weighted by education, age, gender, and region (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network and locations across Canada, with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.