New Study Shows that Canadians are Scoring Low on Financial Basics

Credit Canada announces first ever 'Credit Education Week Canada' to build financial awareness and increase Canadians' financial IQ

Canadians report feeling more in debt than ever with 90% saying they have more debt today than five years ago, according to a recent study sponsored by Credit Canada. Despite this feeling of indebtedness, over half of Canadians (53%) still do not have a personal/household budget. Furthermore, they remain unaware of critical information and tools that are available to help them manage that debt. For instance, the survey results showed that a large majority (80%) do not know their credit rating (or credit score), leaving them in the dark about a key factor in the cost of their debt.

"A credit score can be one of the most significant numbers in consumers' lives. Our survey finding substantiate the need for greater education on key personal finance issues including credit, savings, and retirement planning," say Laurie Campbell, Executive Director from Credit Canada. "It is critical for Canadians to have the knowledge and capacity to effectively manage their finances today in order to plan for and build a stronger future." 

The survey finding also highlight other significant gaps in public awareness and behaviour when it comes to personal finance. For example, one-quater (26 percent) of Canadians do not consider the consequences of a rising interest rate when borrowing money.

Taken together these gaps mean many Canadians lack the knowledge to effectively manage their finances, a situation that could be taking money out of their pockets. To sharpen the Canadian financial IQ, Credit Canada, Capital One and other Financial Corporations are teaming up to cosponsor the first ever Credit Education Week Canada that will place November 13-16 of this year.

"Understanding the basics of credit and personal finance can have a tremendous impact on your financial well-being both today and in the future, "said Bill Cilluffo, president of Capital One Canada. "Capital One is committed to building awareness on all issues related to personal finance. We are proud to partner with Credit Canada, and we hope Canadians will take advantage of Credit Education Week events and resources to build their credit wisdom"

About Credit Education Week

Credit Education Week is a national event supported by leaders in financial services, consumer advocates, community organizations and government. The goal of this initiative is to empower the public to make wise financial choices by placing tools and resources at their fingertips through FREE events that will address key topics in all stages of financial life.

The calendar of events for Credit Education Week Canada includes:

• National essay contest - September 14th - October 19, 2007. Contest is open to all grade 12 Canadian high school students planning to pursue post secondary education.

If you know someone who is in grade 12, please let him/her know about this contest and encourage the student to participate.

• University Campus fairs featuring presentations by James Cunningham of "Funny Money"
  • University of Toronto, Hart House, Toronto - November 13, 10:00 am to 4:00pm
  • York University, Underground, Toronto - November 14, 10:00am to 4:00pm

• Credit Education Trade Show featuring seminars led by noted authors, experts and government agencies on topics including: youth and money, identity theft/fraud, retirement planning, savings and investment.

• Four Seasons Hotel, Toronto - November 15, 10:00am to 4:00pm

The University fairs and trade show are FREE and open to the public.

• Gala Dinner featuring Stephen Lewis, Four Seasons Hotel, Toronto - November 15, 5:30pm to 8:30pm

For more information and updates please visit www.crediteducationweekcanada.com