Most of Canada to receive emergency alert test today
The federal government will test its capacity to issue emergency alerts today, with the exception of Ontario, where the test will take place on May 15.
In a recent survey by J.D. Power, they challenged Canadians to a financial knowledge assessment and began by asking these three questions:
1) Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow?
2) Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, how much would you be able to buy with the money in this account?
3) Please tell me whether this statement is true or false: "Buying a single company's stock usually provides a safer return than a stock mutual fund.”
(Don't peek. The answers are at the bottom.)
The point is, only 42% of those surveyed answered all three financial literacy questions correctly.
Here is what they also found -- financial health and education do not equate to higher financial literacy.
If you had difficulty answering these questions, you aren't alone. Only 60% of bank customers with advanced degrees answered these three basic assessment questions correctly.
While your financial literacy may not be as high as you hoped, it doesn't mean you are a financial disaster.
The survey also found:
The J.D. Power report highlights banks could increase their levels of customer satisfaction by simply getting back to basics. When people feel they have the knowledge and power to improve their financial situation, it is liberating. They feel empowered and capable.
The financial institution that embraces financial education, even by way of digital tools, will likely win the bigger share of people’s wallets.
Bottom line: The J.D. Power 2021 Canada Retail Banking Advice Satisfaction Study found that 74% of customers who receive advice from their banks act on it. That’s important because just 39% of Canadian retail bank customers are financially healthy. Moreover, only 42% passed a basic financial literacy test.
Answers:
1) More than $110
2) Less than today
3) False
This story has been corrected to include the accurate answer to the first question.
The federal government will test its capacity to issue emergency alerts today, with the exception of Ontario, where the test will take place on May 15.
An Ontario woman said it would have been impossible to buy a house without her mother – an anecdote that animates the fact that over 17 per cent of Canadian homeowners born in the ‘90s own their property with their parents, according to a new report.
Prince Harry, the Duke of Sussex, has made headlines with his recent arrival in the U.K., this time to celebrate all things Invictus. But upon the prince landing in the U.K., we have already had confirmation that King Charles III won't have time to see his youngest son during his brief visit.
After more than a century, Boy Scouts of America is rebranding as Scouting America, another major shakeup for an organization that once proudly resisted change.
A long-simmering feud between hip-hop superstars Drake and Kendrick Lamar reached a boiling point in recent days as the pair traded increasingly personal insults on a succession of diss tracks. Here’s a quick overview of what’s behind the ongoing beef.
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
An Ontario man found out that a line of credit he thought was insured actually isn't after his wife of 50 years died.
Canadian immigrants threatened by hostile regimes are urging parliamentarians to quickly pass the 'Countering Foreign Interference Act' so they can feel safe living in their adopted home.
Spanish state prosecutors recommended Wednesday that an investigating judge shelve a probe into another alleged case of tax fraud by pop star Shakira.
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.
Whether passionate about Poirot or hungry for Holmes, Winnipeg mystery obsessives have had a local haunt for over 30 years in which to search out their latest page-turners.
Eighty-two-year-old Susan Neufeldt and 90-year-old Ulrich Richter are no spring chickens, but their love blossomed over the weekend with their wedding at Pine View Manor just outside of Rosthern.
Alberta Ballet's double-bill production of 'Der Wolf' and 'The Rite of Spring' marks not only its final show of the season, but the last production for twin sisters Alexandra and Jennifer Gibson.
A mother goose and her goslings caused a bit of a traffic jam on a busy stretch of the Trans-Canada Highway near Vancouver Saturday.
A British Columbia mayor has been censured by city council – stripping him of his travel and lobbying budgets and removing him from city committees – for allegedly distributing a book that questions the history of Indigenous residential schools in Canada.
Three men in Quebec from the same family have fathered more than 600 children.
A group of SaskPower workers recently received special recognition at the legislature – for their efforts in repairing one of Saskatchewan's largest power plants after it was knocked offline for months following a serious flood last summer.
A police officer on Montreal's South Shore anonymously donated a kidney that wound up drastically changing the life of a schoolteacher living on dialysis.