(Toronto) According to a survey by the Chartered Professional Accountants (CPA) of Canada, some Canadians may overestimate their ability to manage their finances and pay off debt.
According to survey results, 47% of respondents rated their personal finance skills as either an A or B, but a quarter also admitted to buying things they couldn’t afford.
The report highlights other gaps in personal finance management. For example, 33% of respondents with consumer debt said they don’t understand the impact of interest rate fluctuations on their credit.
The survey, conducted online by Ipsos between June 16 and 23, shows that 57% of respondents with non-mortgage debt had had a credit card balance in the last two years.
Doretta Thompson, director of financial literacy at CPA Canada, says that while inflation can be difficult to predict, being in control of your actions can help guide the outcome of your personal finances.
The report also found that one in four Canadians believe they would not be able to collect $500 in cash in a day without borrowing or selling homes, which is a sign of cash flow problems .
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