According to the research, when it comes to feeling positively about money management skills, there is a clear divide between Canadians who received financial education in school and those who did not.
- 78 per cent of those who learned at least a bit about money management rate their current abilities as good, compared to 59 per cent who did not receive any education on the subject.
- 41 per cent of those who did not learn about money management in school rate their ability to manage their personal finances as okay at most, compared to 22 per cent of those who had some form of financial education.
Building on this finding, Edward Jones also asked Canadians if they would manage their money better with a financial advisor. 72 per cent of Canadians agree they would. This figure is even higher for those who learned about money management in school, with 78 per cent seeing the benefit, compared to 69 per cent of those who did not.
When looking at different generations, Millennials are the most likely to think they could benefit from financial advisor help at 80 per cent, while Boomers are least likely at 66 per cent.
The gap in financial education is also reflected in current attitudes, as those surveyed acknowledge the need for financial education to be integrated into today’s school curriculum. For instance, 85 per cent feel positively about Ontario’s requirement for financial literacy testing in Grade 10. Support is highest in Ontario at 90 per cent, while those in Alberta were least positive about this requirement, at 74per cent.
Edward Jones’ approach to comprehensive planning and advice also extends to youth financial literacy. The firm runs a separate financial education program for students in Canadian high schools. More than 3700 students in 138 schools across Canada have completed the curriculum since the program launched in 2023.
By making financial education accessible to all, Edward Jones is helping Canadians at every stage of life build confidence to manage their personal finances effectively.
Online Polling Methodology
Between August 30 to September 3, 2024, 1,516 Canadians, 18 years of age or older participated in the online survey by Pollara Strategic Insights. A representative sample of this size would be considered accurate to within ±2.5%, 19 times out of 20. Results have been weighted using the latest Stats Can data to be representative of the Canadian population.
About Edward Jones Canada
Edward Jones is a full-service investment dealer which provides a range of investment products, services, and solutions to retail investors. We have more than 850 financial advisors in Canadian communities from coast-to-coast. A member of the Canadian Investment Regulatory Organization and the Canadian Investor Protection Fund, the firm is also a participating organization in the Toronto Stock Exchange. For more information, visit edwardjones.ca.
Media Contact:
Darryl Konynenbelt
Edward Jones Public Relations
Darryl.Konynenbelt@edwardjones.com
Adam McPhail
Proof Strategies for Edward Jones
amcphail@getproof.com
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