Personal financial literacy is more important than ever in Canada. This simple 5 question survey tests basic financial literacy knowledge. The Organization for Economic Cooperation and Development began measuring the financial literacy of its OECD countries using a 5 question survey. Canadian household debt has reached a record high of over $2.08 trillion as of September 2017, that is $1.68 of debt for every $1 of income. But this is not the only financial problem in Canada. You’re not alone! The average student in Canada will graduate in 2018 having accumulated over $27,000 in student debt. Your only big worry is the fact that you’re $70,000 in debt, due to student loans, your car loan, and credit card debt. In fact, even though you’ve been gainfully employed for a total of six years now, you haven’t been able to make a dent in that $70,000. You can afford the necessities of life and then some, but you’ve occasionally wondered if you’re ever going to have enough income to put something toward that debt. You plan to buy a condo in two or three years, and you want to take your dream trip to the world’s hottest surfing spots within five years. You have $6,000 in a retirement savings account, and you carry three credit cards. You have a good education and a good job-you’re pulling down $60K working with a local accounting firm. Let’s say that you’re twenty-eight and single. Do you sometimes wonder where your money goes? Do you worry about how you’ll pay off your student loans? Would you like to buy a new car or even a home someday and you’re not sure where you’ll get the money? If these questions seem familiar to you, you could benefit from help in managing your personal finances, which this chapter will seek to provide.
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