Canadians and Their Money

Figure 2: Who’s Struggling? Who’s Doing Better?AREA OF FINANCIAL LITERACYWho’sstruggling?Making endsmeet• AboriginalCanadians• Young adults• Very recentimmigrants• Low-incomeand lownet-worthhouseholdsKeepingtrack• Seniors• Adults who letothers makemost majorand ongoingfinancialdecisionsfor themChoosingproducts• AboriginalCanadians• Recent andvery recentimmigrants• Young adultsPlanningahead• Seniors• AboriginalCanadians• Very recentimmigrants• Young adults• Low-incomeand lownet-worthhouseholdsStayinginformed• Seniors• AboriginalCanadians• Recent andvery recentimmigrants• Low-incomehouseholds• Renters• SinglesWho’s doingbetter?• Seniors• High-incomehouseholds• Very recentimmigrants• High-incomeand highnet-worthhouseholds• Homeowners • People whohave takena course infinancialmatters• High-networthhouseholds“At a time in our history where we areexperiencing the highest economic volatilitysince the Great Depression, and withconsumer debt load at the highest levelit’s ever been, in our opinion the need forfinancial literacy has never been greater.”– Affinity Credit UnionClearly, as the Finance Minister reminds us, it is vital torecognize the importance to our economy of the millionsof financial decisions made by Canadians every day.Improving the financial skills of Canadians will make oureconomy stronger. This cannot be achieved without firstaddressing the challenge of financial literacy.14TASK FORCE ON FINANCIAL LITERACY – Financial Literacy Challenges and Opportunities in Canada