I’m writing a response to Garry Marr’s “Why we’re ‘in the back of the class’ when it comes to financial literacy” on the Financial Post.

In his blog, studies taken by The Brondesbury Group over 1000 Onatario citizens, showed that Canadians scored 53% of their 21 questions correctly.  91% of Canadians would know that longer debts result in more costs to way in total. However, they fail to understand that a mortage of 25 year amortization is more than a 20 year amortization, which essentially is the same as what they already knew! The only difference is that the words are switched up with fancy financial terms and Canadians suddenly do not understand.

The blog states that Canadians are still lacking in terms of daily financial literacy which will greatly hinder their financial position.

I took great interest in this blog because it I am surprised at how little average Canadians know when it comes to financial literacy. These are words and terms that I learn in business school, and I would hope that one day, if The Brondesbury Group does a survey in Vancouver and I get these questions, I will be able to answer them. Hopefully my financial position will be better off too!