According to a poll from BMO today, Canadians don’t feel enough is done to help them understand financial matters.
Here are the key results:
- 34% of respondents believe the education system does a good job providing advice about personal finances;
- 78% believe financial institutions do a good job providing financial advice;
- 38% believe governments do a good job providing financial advice; and
- 41% believe media does a good job in this area
“The numbers clearly show a need to increase our efforts and improve upon the way major stakeholders, including financial institutions, approach helping Canadians heighten their understanding and overall capabilities in the area of personal finance,” said L. Jacques Ménard, chairman of BMO Nesbitt Burns and Financial Literacy Task Force vice-chair. “Financial literacy is critical to the financial well-being of families, as well as the overall economy, and should continue to be a focus for all involved.”
But who’s job is it to educate the population on financial matters? Surely plan sponsors shouldn’t be expected to bear the entire responsibility. What role do banks and government play. Lastly, should plan members take initiative and seek out sources and educate themselves? Let us know your thoughts by commenting below.
The survey results cited in the poll conducted by Pollara are compiled from a random sample of 1,000 Canadians 18 years of age and over between November 6th and November 8th, 2012. A probability sample of this size would yield results accurate to ± 3.1 per cent, 19 times out of 20.