| degree | Note value | Overall results |
|---|---|---|
| A | I already see that my money is working for me. | 55.9% |
| B | The plan is underway and being executed. | 31.2% |
| C | I even have a goal but I’m undecided methods to achieve it. | 10.4% |
| Fail | I do not know where to start out. | 2.5% |
However, Generation Z doesn’t agree with the bulk. They do have financial goals, but achieving them is one area where the grade is just too low. Over a 3rd of Generation Z (37.2%) gave themselves a grade of C – “I have a goal, but I’m not sure how to achieve it.”
Use of registered accounts for investing and saving
A registered account might be a very good place to maintain money, however it’s even higher to maintain investments there. Why? Because the expansion is tax-free. Registered accounts in Canada include the Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), Registered Education Savings Plan (RESP), First Home Savings Account (FHSA), Registered Retirement Savings Fund (RRIF), and Registered Disability Savings Plan (RDSP).
While 16.4% of respondents gave themselves a B grade for using their registered accounts as a savings tool, a whopping 78.5% gave themselves an A grade for investing inside their accounts.
Who hasn’t opened a registered account yet? Overall, 2.5% said they’re “failing” with registered accounts because they have not opened an account yet. The majority of those respondents were Millennials (5.6%) and Gen Z (14%), in comparison with Gen X (2%), Baby Boomers (1.9%) and Silent Generation (0.8%).
How comfortable do Canadians feel about financial matters?
Most Canadians surveyed (55.2%) – and nearly all of each generation – gave themselves a B grade on financial literacy, indicating that their level of data was “good.”
Interestingly, Generation Z showed the best variability between grades A, B, C and Fail.
- 25.6% selected A for “excellent”
- 37.2% selected B for “good”
- 30.2% selected C for “mediocre”
- 7% selected “failed”
So it appears that evidently Generation Z, despite their above-mentioned uncertainty about paying off debt, is sort of confident of their knowledge.
Canadian Financial Statements
According to this MoneyDown survey, Canadians feel fairly confident about managing money and using financial products. There’s at all times room for improvement, but Gen Z’s responses show that while they be ok with what they know, they still need some help. And older generations understand that times have modified – financially, after all.
