Recent surveys from the Chartered Professional Accountants of Canada (CPA) and the Ontario Securities Commission (OSC) suggest many Canadians are overconfident in their financial knowledge. Seventy-eight percent of CPA survey respondents felt confident they have the knowledge and skills to make the right #financial choices. Yet, only half of respondents have an emergency fund. In the OSC survey testing investment knowledge, respondents could, on average, only answer 53% of the questions correctly. The study also found Canadians understand #investment costs and #investor protections the least. These surveys point to a disconnect between the respondents’ financial behaviours and their level of confidence in financial skills.
 
As an investor advocate, FAIR Canada encourages investors to stay informed, so they can better understand their finances to help protect themselves. Investors can check out our investing basics resources here:
https://lnkd.in/g6Tz8cJ8
 
Read the CPA survey:
https://lnkd.in/gqXFUG8n

Learn about the OSC survey:
https://lnkd.in/gme39EwA

#investors #finance #FinancialLiteracy