Canadians are financially struggling; there is no doubt about it. Obviously managing your finances in a time after the 2008 recession, the global pandemic and an economic downturn is more difficult than they were in the previous decades. But Canadians may not be as financially savvy as they think they are.
One study showed that Canadians would rather talk to their children about sex than money. That is not surprising, given the fact that a) parents don’t want their children to worry about the state of households they live in and b) parents like to feel as though they are the protectors of their children. The study, conducted by the Bank of Montreal, showed that 56% of Canadians felt they would benefit from a financial literacy course. Many Canadians may not know where to go and feel squeeze in-between paying off their bills, mortgage/rent, investments, and other things. There is little left at the end of the month.
If you’re looking to plan your estate, you had better ensure that your finances are in order. How well do you arrange your daily finances? How often do you indulge? Do you consider yourself financially literate? Checkout this interesting article on financial literacy: Financially savvy, are you?