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Financial Literacy Poll - Final Results
Financial Literacy Poll - Final Results
Methodology These are the findings of an online Ipsos Reid / The Province poll of 1,376 adult British Columbians conducted using Ipsos Reids online household panel between August 22 and 29, 2011. A survey with an unweighted probability sample of this size and a 100% response rate would have an estimated margin of error of 2.7 percentage points, 19 times out of 20. The margin of error would be larger within sub-groupings of the survey population. These data were statistically weighted to ensure the sample's regional and age/sex composition reflects that of the actual BC population according to 2006 Census data. Ipsos Reid Contact Kyle Braid, Vice President, Ipsos Reid Public Affairs, (778) 373-5130
RESULTS
Overall Assessment of Personal Financial Management
Q1.
How would you rate yourself on each of the following aspects of personal financial management?
Total % 18-34 yrs % 7 43 36 12 2 35-49 yrs % 19 38 32 9 1 50-64 yrs % 13 39 38 8 1 65+ yrs % 16 49 30 4 1
Your level of knowledge of what to do: Very good Good Fair Poor Very poor
13 41 35 9 2
55 10
9 32 40 14 5
50 15
4 29 47 12 8
57 10
12 30 38 16 4
53 9
9 29 39 18 4
65 5
9 32 40 14 5
40 19
33 21
42 20
38 22
40 19
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Q2.
More specifically, how would you rate yourself on each of the following?
Total % 18-34 yrs % 15 32 31 20 3 35-49 yrs % 23 36 28 8 4 50-64 yrs % 21 35 32 10 2 65+ yrs % 28 41 24 6 1
Controlling your spending: Very good Good Fair Poor Very poor
21 35 30 12 3
56 15
15 30 35 14 5
47 22
14 23 43 13 7
59 13
15 36 31 15 4
56 12
14 31 33 18 4
69 7
22 34 32 9 4
46 19
13 32 28 17 10
37 20
10 28 26 19 17
51 18
15 33 25 19 8
45 22
12 33 33 15 7
55 12
20 40 25 11 5
45 27
38 36
48 27
45 23
59 15
Q3.
Which of the following types of personal financial plans and information do you have?
Total % 18-34 yrs % 38 34 16 8 43 35-49 yrs % 49 46 23 21 29 50-64 yrs % 47 37 20 19 35 65+ yrs % 60 40 13 20 23
Detailed records of how your money is spent A personal or household spending budget A debt reduction plan A written financial plan to achieve your financial goals None of these
47 39 18 17 34
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Q4.
Please indicate whether you have a good understanding of each of the following financial terms.
Total Yes % 18-34 yrs Yes % 55 60 51 45 34 40 41 34 41 24 28 20 15 11 6 7 35-49 yrs Yes % 75 66 60 64 59 59 57 59 54 40 41 41 34 22 20 15 50-64 yrs Yes % 77 67 62 66 70 66 63 57 45 48 40 45 39 28 26 12 65+ yrs Yes % 75 75 65 60 74 64 69 61 36 49 39 42 41 30 31 12
Registered Retirement Savings Plans (RRSPs) Tax Free Savings Accounts Life insurance Fixed or variable mortgage Term deposits Compound interest Guaranteed Investment Certificates (GICs) Mutual funds Registered Education Savings Plans (RESPs) Bonds Stock market Deposit insurance Common stocks Treasury bills Preferred stocks Exchange Traded Funds
70 66 59 59 58 56 56 51 45 39 37 37 31 22 19 11
Monthly Savings
Q5. Q6.
Do you put aside money each month for long-term savings or emergency expenditures? [IF YES] On average, how much money do you put aside each month for long-term savings or emergency expenditures? (Please provide your best estimate)
Total % 18-34 yrs % 21 16 42 21 35-49 yrs % 36 23 20 21 50-64 yrs % 32 23 26 19 65+ yrs % 20 33 18 29
Yes, a certain amount each month Yes, although the amount varies per month Only when I have money for savings that month No
28 23 28 21
Average Per Month (among those saying either Yes response) Median Per Month (among those saying either Yes response)
$635 $400
$715 $450
$482 $300
$573 $300
$829 $300
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Q7.
Which of the following, if any, are significant barriers to you achieving financial security?
Total % 18-34 yrs % 53 48 43 29 14 15 35-49 yrs % 47 33 29 15 11 26 50-64 yrs % 43 22 23 15 5 39 65+ yrs % 35 9 18 8 3 52
Unexpected expenses High level of debt (including mortgage) Difficulty saving money on a regular basis Difficulty controlling your spending Lack of understanding of how to save/invest None of these
46 30 30 18 9 31
Q8.
Which of the following are your two biggest expenditures right now?
Biggest Second Biggest Total % 30 7 15 14 14 7 11 20 4 15 44 33 25 23 14 <1 1 89 57 18-34 yrs % 29 4 20 14 15 14 9 14 4 15 11 7 02 06 45 08 02 64 2-6 35-49 yrs % 45 9 13 18 16 7 6 23 2 15 24 35 22 12 12 0 - <1 59 54 50-64 yrs % 27 9 13 15 13 4 11 22 6 16 32 64 24 23 22 11 10 11 67 65+ yrs % 13 4 11 8 94 20 22 6 16 11 42 99 24 33 12 10 12 13 14
Mortgage Debt payments (other than mortgage) Rent Food for home Transportation Education Investing Health care Entertainment Food away from home Clothing Something else None of these
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Q9.
Which of the following are important financial goals to you right now?
Total % 18-34 yrs % 65 32 46 37 36 10 19 29 5 5 35-49 yrs % 53 58 37 32 31 18 27 9 7 3 50-64 yrs % 44 58 32 21 19 18 7 3 5 5 65+ yrs % 29 16 35 23 18 23 2 1 2 15
Paying off debt Saving for retirement Keeping up with my day-to-day expenses Saving for a rainy day Saving for a significant purchase (car, vacation, etc) Making money investing in the financial markets Saving for childrens education Saving to buy a home Saving to buy a second home (investment, recreation property) None of these
50 44 38 29 27 17 15 11 5 6
Q10. [IF AT LEAST ONE GOAL] How confident are you that you will achieve your current financial goals?
Total % 18-34 yrs % 22 46 30 2 35-49 yrs % 19 45 30 6 50-64 yrs % 17 53 24 7 65+ yrs % 21 59 19 1
19 50 26 5
Total Confident
69
67
64
69
80
Q11. [IF RETIRED] How confident are you that you will be financially secure throughout your retirement?
Total % 18-34 yrs % Sample Size Too Small 35-49 yrs % Sample Size Too Small 50-64 yrs % 21 52 16 11 65+ yrs % 21 55 22 3
21 54 19 6
Total Confident
75
73
76
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Q12. [IF NOT RETIRED] How confident are you that you will be financially secure when you retire?
Total % 18-34 yrs % 10 48 30 11 1 35-49 yrs % 15 38 30 15 2 50-64 yrs % 10 41 27 20 2 65+ yrs % Sample Size Too Small
Very confident Confident Not very confident Not very confident Do not plan to retire
11 43 29 15 2
Total Confident
54
58
52
50
Total %
18-34 yrs % 85 13 0 1
35-49 yrs % 76 22 1 0
50-64 yrs % 76 24 0 0
65+ yrs % 81 18 1 0
Very important Important Not very important Not very important Total Important Very important Important Not very important Not very important Total Important
80 19 1 0
99
61 34 5 0 95
99
54 35 10 1 89
98
64 34 3 0 97
100
62 34 4 0 96
99
65 33 3 0 97
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