New poll finds Canadians Worried About Their Children's Financial Futures

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Taken from Nov 9th Knowledge Bureau Tools

November is Financial Literacy month and a new survey by the Knowledge Bureau finds Canadian families are concerned about their children's financial future. The poll found 97% of parents feel that financial literacy should be taught in school and 91% of adults also feel young people don't have a good understanding of credit cards, bank loans, interest rates and other financial issues. 68% of those asked said they are concerned about their own financial future -while 60% said they are worried about their children's financial future.

CTV's Pat Foran Consumer Advocate and author of the new book ‘The Smart, Savvy Young Consumer' says, "The results of this poll are consistent with what we heard as we travelled across Canada with the Federal Financial Literacy Task Force. Canadians are worried about their financial future as well as their children's. It is clear steps need to be taken now to ensure young people develop good saving and spending habits to avoid digging themselves into debt so they can begin life on a firm financial footing.”

During the month of November Foran will be speaking to Canadians about how families can make their children smarter, savvier consumers. "Young people may not enjoy some of the benefits that their parents had so they must watch excessive spending, avoid credit card debt and learn about the benefits of tax free savings accounts, setting up automatic savings plans, using dollar cost averaging and the magic of compound interest. I believe if young people develop good saving habits early they can avoid financial problems and be less stressed about money issues in the future.”

Complete Poll Results:

Are you concerned for your financial future?
69% Yes
31% No

Are you worried about your children's financial future?
60% Yes
40% No

Do you feel that young people understand credit cards, bank loans, interest rates and other financial issues?
9% Yes
91% No

Do you feel financial literacy should be taught in school?
97% Yes
3% No

Do you feel that young people could benefit from financial self-help books?
76% Yes
24% No

This poll was conducted by the Knowledge Bureau from October 24th to October 27th. The poll results are based on 274 respondents.

The Knowledge Bureau is working with Pat Foran to bring accurate, solid and trustworthy information to help Canadian families teach their children about money management issues. Foran's new book The Smart Savvy Young Consumer, examines topics covering everything from maintaining a good credit score, to avoiding unnecessary debt, paying off student loans, saving money on car insurance, cell phones and groceries as well as the benefits of dollar cost averaging, compound interest and the Tax Free Savings Account.

"The Smart Savvy, Young Consumer” is now available in all major bookstores across Canada for $14.95 or it can be ordered from http://www.knowledgebureau.com/. You may also order it through http://www.patforan.com/