Canadian youth need to better understand how money works and how to see it wisely
News release | Nov. 8, 2023
Edward Jones study shows less than half of Canadians believe they received the financial education they needed in school
TORONTO, ON, November 8, 2023 – Canadians believe it is critical that youth be taught how to manage their finances, and yet many, including recent high school graduates, say they didn't receive the financial education they needed when they were young, according to new data from Edward Jones Canada.
Key survey findings include that:
- Nearly all Canadians (95 per cent) believe the current economic climate makes it more important than ever for Canadian youth be taught how to manage their finances.
- Less than half (46 per cent) of those surveyed say they were equipped with enough knowledge to navigate their finances successfully when they graduated high school.
- Young Canadians (aged 18-34) are among the least likely (40 per cent) to agree they had the required knowledge upon graduation.
Further, when it comes to receiving financial education:
- Most Canadians (80 per cent) believe the best place to learn about financial literacy is in the classroom.
- Canadians are most likely to trust financial advisors (84 per cent) and educators (83 per cent) to deliver a complete financial education.
While the majority of Canadians believe that outside the classroom, a financial advisor could help them better understand their finances (63 per cent), only one-third (32 per cent) currently work with one.
“Now, more than ever, it’s clear Canadians recognize the importance of building a strong foundation of financial knowledge,” said David Gunn, President of Edward Jones Canada. “And while the majority believe financial education belongs in the classroom, the polling data shows this has not been the reality for most students who feel unprepared for their financial future and don’t always consider turning to an advisor for support.”
Creating Pathways to Financial Success
Financial education will prepare the next generation of Canadians for financial success. That’s why Edward Jones Canada launched the Edward Jones Financial Fitness Program. The program is designed to equip youth with the knowledge required to navigate sound financial decisions throughout their life and give them the tools to develop a solid financial foundation. Since the pilot’s launch earlier this year, the program has had tremendous success. As proof:
- Nearly 2,000 students in 69 high schools across Ontario, British Columbia, Saskatchewan, Alberta, and Manitoba have completed the training.
- Upon taking the program, the number of students who say they are very confident in their financial decision-making increased significantly, from 29 per cent to 65 per cent.
- When it comes to making future financial goals for themselves, there was a considerable spike in confidence from 14 per cent to 79 per cent.
"We firmly believe that by giving Canadians the tools to build financial knowledge and confidence early in life, we are setting them up for a brighter financial future,” added Gunn. “We’re incredibly excited about the official launch of the Edward Jones Financial Fitness program in Canada, providing opportunity to bring this valuable education to more students across the country.”
Online Polling Methodology
Between October 20 and 23, 2023, 1,517 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 as a whole.
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 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. Edward Jones has been ranked #1 nine times in the last 11 years in the J.D. Power Canada Full-Service Investor Satisfaction Study. For more information, visit edwardjones.ca.
Yana Bayanova, Edward Jones
Head of Public Relations
Adam McPhail, Proof Strategies for Edward Jones