October 28, 2022
Confidence is Key: New PC Financial Survey finds 3 in 4 Canadian adults are confident in their financial literacy skills.
Canadians reported high levels of confidence with financial skills like sticking to a budget and setting monthly savings goals.
TORONTO, October 24, 2022 – A new PC Financial survey* conducted ahead of Financial Literacy Month revealed a whopping three-in-four Canadian adults (77%) are confident in their financial literacy skills, and an impressive two-thirds (66%) feel confident about their financial future. While confidence levels are high overall, fewer than half (44%) of Canadians feel they were equipped with the advice and tools needed to save for their future.
“There’s a clear gap when it comes to Canadians feeling supported with advice and tools to help save for their future,” explains Carola Corti, SVP & General Manager of Payments at PC Financial.“At PC Financial we strive to make banking more rewarding and simpler, so Canadians have a clear understanding of their financial situation and feel confident in planning for their financial future. Whether through our simple-to-use banking platform, our in-app goal setting program, or free resources and advice on our blog, we support Canadians on their financial literacy journey not just in November, but every day.”
Gut Check: How ready are Canadians when it comes to budget planning?
Only a slight majority of Canadians (57%) feel financially prepared to deal with a major unexpected expense.
70 per cent (70%) of Canadians surveyed are confident in their ability to stick to a budget.
Four-in-five older Canadians (55+) are confident in their ability to stick to a budget (81%) and say they know how much money they should be saving each month (82%), compared to 63 and 67 per cent of younger Canadians (18-54), respectively.
Confidence levels in financial literacy skills are growing
72 per cent (72%) of younger Canadians (18-54) feel confident in their financial literacy skills, compared to 86 per cent of older Canadians (55+).
67 per cent (67%) of younger Canadians (18-54) know what they should be saving each month.
“These findings tell us we need to continue to offer financial products that help Canadians see their monthly cash flow, so they feel informed and aware about where their money is going.” explains Jackie Porter, Certified Financial Advisor. “It’s important for Canadians to choose a bank that supports them in their financial journey and makes banking simple. PC Financial is showing they care for Canadians by offering a variety of products that reward them and help them save for a brighter future.”
PC Financial® offers smart online tools and products to assist Canadians, including:
PC Mastercard, a no annual fee credit card that earns you PC Optimum points on every purchase, everywhere you shop.
PC Money™ Account, a no monthly fee spending account that earns you PC OptimumTM points everywhere you shop. Now open to youth 16 years and older.
PC Financial® App, a mobile app that provides access to your PC Financial® product details from anywhere, breaks down spending habits by category or time period, and provides access to your PC OptimumTM weekly offers and points balance.
PC Financial®Blog, that hosts articles on financial topics, like how to maximize your rewards with the PC MoneyTM Account to tips on how to lessen inflation on your finances.
*About the Survey
This survey was conducted by PC Financial Group from October 5-7, 2022 among a nationally representative sample of n=1,526 Canadians, balanced and weighted on age, gender, region and education. For comparison purposes only, a probability sample of the total sample size would yield a margin of error of +/- 2.4 percentage points at a 95% confidence level. The survey was offered in both English and French.
About the Angus Reid Forum
The Angus Reid Forum is Canada’s most well-known and trusted online public opinion community consisting of engaged residents across the country who answer surveys on topical issues that matter to all Canadians.
About President's Choice Financial
PC Financial® services provide unprecedented value to customers, simplifying financial products to help Canadians Live Life Well®. Through the PC ® Mastercard® and the PC MoneyTM Account, customers save on banking fees and have earned more than $1 billion worth of PC OptimumTM points to redeem for beauty, groceries, gas, apparel, and other products. The company is committed to being one of Canada's most diverse and inclusive employers and makes it a priority to reflect this in its people and culture.
Established in 1998, PC Financial® is a part of Loblaw Companies Limited. For more information, visit pcfinancial.ca.