Canada’s youth are among the world’s top performers for financial literacy

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Canada has ranked as one of the top three countries worldwide for youth financial literacy, says a global report published by the Organisation for Economic Co-operation and Development (OECD).

 

Canada ranked second in the world, after Belgium, out of the 15 countries that participated in the OECD’s triennial worldwide survey measuring competencies among 15-year-olds.

 

When it came to tasks associated with advanced levels of financial literacy, Canadian youth outperformed the global OECD average. Eighty-seven per cent of Canadian youth could perform tasks associated with minimal financial literacy to participate fully in modern society, compared to the OECD average of 78 per cent.

 

Positive spending habits

 

The majority of Canadian respondents said they save their money regularly, which points to potential positive spending habits in adulthood.

 

While the survey focused on what students learned in school, the study showed that those who handled their own finances, through having jobs or having their own bank accounts, performed more strongly.

 

Talking with parents

 

Additionally, the survey found regularly discussing financial matters with their parents correlates to higher financial literacy. Respondents who did so once or twice a week were the ones who scored the highest.

 

As published in The Insurance & Investment Journal by The IIJ Staff May 25, 2017 01:30 p.m.

 

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