Most Canadian consumers think their own level of knowledge about finances is above that of the “average Canadian”, according to the latest RBC Canadian Consumer Outlook.

Most (70%) describe their own financial smarts as “excellent/good”, while only three-in-10 (30%) feel the same about their neighbours. In fact, most (65%) think that the average Canadian’s level of financial knowledge is “not very good”, with almost the same number (64%) believing that financial literacy is a serious issue that needs improvement.

Despite confidence in their financial knowledge, consumers say that they are willing to take steps to improve their knowledge, including:

  • speaking to a financial advisor (36%);
  • reading newspapers and listening to business reports on TV and radio (30%);
  • getting advice from financially savvy friends and family (30%);
  • visiting websites of banks and investment firms (22%); and
  • taking a course (13%).

There were a few areas of improvement in the survey. The latest study found that Canadians are more likely to think their personal financial situation will improve over the next three months (24% versus 21%). In addition, fewer consumers (50%) are delaying making any major purchases, such as new cars or household appliances, compared to last quarter (52%).

The survey is conducted online via Ipsos Reid’s national I-Say Consumer Panel to 3,027 Canadians. Data collection was July 3 to 9.