“Is money on your mind? See how Canadians are navigating financial confidence and challenges this Financial Literacy Month.”
Money is on Canadians’ minds, but new survey data suggests it’s high time we normalize conversations about money and the stresses that come with it.
CIRO’s inaugural Investor Survey reveals that 67 per cent of Canadians carry debt, and 36% are concerned about income stability.
For racialized Canadians, financial stress is even more pronounced. Forty-one per cent worried about inconsistent income. Young Canadians also feel the squeeze – 40 per cent of those under 35 have borrowed money for daily expenses in the past year.
“Our survey shows that many Canadians are facing financial challenges, and this Financial Literacy Month, we want to encourage open conversations that can lead to better financial outcomes,” said Karen McGuinness, Senior Vice-President, Office of the Investor, Member Intake, and Innovation at CIRO.
One key to unlocking financial literacy and wellness may be to start talking about personal finances.
That’s the idea behind this year’s Financial Literacy Month theme “Money on Your Mind” which aims to help Canadians reduce the stigma around discussing finances and underscores the need to address stress surrounding personal financial decisions.
The survey shows just how hard it is for people to get ahead with 61 per cent of non-investors reporting that a lack of funds prevents them from investing, while 43 per cent of younger Canadians feel uncertain about where to begin.
As Canadians face these financial hurdles, conversations within personal networks have proven essential. The survey shows that 38 per cent of Canadians turn to family and friends for financial advice, a valuable source of support and guidance.
“Talking about finances, including debt, savings, and investments, can often feel like a taboo subject, but it’s a crucial step in building financial confidence,” added McGuinness.
When looking for advice, CIRO encourages Canadians to consider professional financial advisors and accredited professionals, who can offer tailored strategies to meet long-term financial goals. CIRO’s Office of the Investor, (whose mandate is to understand, inform and elevate the voices of investors), also provides resources to Canadians to help them make informed financial decisions, learn about regulated advisors, and develop their financial literacy.