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 Vesh

Hayley Vesh is a creative, resourceful, and knowledgeable content producer who is passionate about financial literacy, storytelling, and generating ideas. She writes about credit cards, savings, debt management, and personal finance. In her spare time, Hayley can be found wandering in the woods, hunting for second-hand treasures, or curled up with a steeped tea and a good podcast.

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