Despite the best efforts by Canadian parents to teach their children about the importance of financial literacy, the message just isn’t getting through, a recent survey reveals.
A poll conducted for the Canadian Institute of Chartered Accountants of more than 1,000 Canadians found that 78% of parents have tried to teach their kids financial skills, but only one-third believe they’ve been successful.
The survey also found that 84% of Canadians believe young people lack the necessary financial skills when they enter the work force, a notion that seems to be supported by the data: 22% of 18- to 29-year-olds polled have no savings or investments.
However, older Canadians could use a refresher course of their own. More than half (51%) of adults are currently saving less than 10% of their monthly income, while 11% save nothing at all.