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September 25, 2021

When it comes to money, are you smarter than average?

Just like their driving, most Canadian consumers think their own level of knowledge about finances is far above that of the "average Canadian", according to a recent RBC study.

Most (70%) describe their own financial smarts as "excellent/good", but only 30% are inclined to say the same about their neighbours.

Another example of Lake Wobegon effect? Probably, particularly when you consider it's pretty tough for the majority of people to be above average when it comes to money issues -- or anything else for that matter.

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Nonetheless, most of us seem to believe that we've got the inside track when it comes to finances. 

In fact, almost two thirds (65%) think that the average Canadian's level of financial knowledge is "not very good" and needs attention. At the same time, roughly the same percentage (64%) believe that financial literacy, or the lack of it, is a serious issue that requires improvement.


What about you? Do you you think you've got a bit of an edge when it comes to financial issues?

By Gordon Powers, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...