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Canadians are losing confidence in their knowledge of credit cards, according to the second annual RATESDOTCA Financial Literacy Survey.
Only 16% of respondents rated themselves high at nine or 10 out of 10, down from 25% the year before. The number of Canadians who rated themselves poorly (between one and six) jumped to 53% from 44% in 2019.
However, Canadians are more likely to rate themselves higher on their financial literacy as it relates to credit cards compared to mortgages.
Class is in session
November 2020 marks the 10th annual financial literacy month in Canada. To honour this milestone, we have created a short quiz based on common misconceptions to test your basic knowledge of credit cards.
How well will you do? Start the quiz to find out.
About the survey
The second annual RATESDOTCA Financial Literacy survey was conducted by Forum Research between September 24-Oct 1st, 2020 and polled 1,179 respondents across Canada with a margin of error of +_2.85%. The sample’s age ranged from 18 to 65+ years old. Survey questions were presented via telephone and respondents provided answers through the touchpad of their mobile device or home phone.
Hayley Osmond, Freelance writer
Hayley Osmond is an editor and writer in the personal finance space, where she uses her eight years of media and marketing experience to bring content to life. She specializes in money products, including mortgages, home and auto insurance, and credit cards. Hayley holds a Broadcast Journalism diploma from Sheridan College and was awarded the Shaw Media Journalism and Media Award for graduating at the top of her class. Her work has appeared in Global News and diverse digital corporate training materials behind the scenes.
Hayley is passionate about making complex subjects, such as home buying and financial literacy, concise and intriguing. Her work has garnered media coverage from The Globe and Mail, blogTO, Yahoo! News, and CityNews 680 and has been syndicated across other publications.
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