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The Brondesbury Group Youth Financial Literacy 2012 Investor Education Fund
Inspiring Financial Learning
Youth Financial Literacy Study 2012
Written by
The Brondesbury Group
Toronto, ON
August, 2012
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TABLEOFCONTENTS
EXECUTIVE SUMMARY 1
1. INTRODUCTION 4
2. FINANCIAL BEHAVIOUR &ATTITUDES 6
2.1 FINANCIAL BEHAVIOUR 6
2.2 FINANCIAL ATTITUDES 9
3. KNOWLEDGE OF PERSONAL FINANCE 14
3.1 KNOWLEDGE ABOUT PERSONAL FINANCES 14
3.2 INTEREST IN
FINANCIAL
TOPICS
163.3 METHODS OF LEARNING 18
4. PREPARATION FOR THE FUTURE 20
4.1 TRENDS IN KNOWLEDGE AND PREPARATION 20
4.2 ARE STUDENTS PREPARED FOR THE FUTURE? 23
5. SUMMARY AND CONCLUSIONS 24
APPENDIXAYOUTHLITERACYSURVEYFORM 26
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MAJOR CONCLUSIONS
High school students are getting some experience with money
management through their work, savings and daily activities, but
they need guidance and a focused program in school to make the
most of their experience.
High school students are receptive to learning about financial
matters, especially if the right topics are used to help them learn.
Just as with adults, the topics that are most likely to engage highschool students are those that bear on decisions or situations they
will have to deal with in the short to medium term. When students
reach grade 12, the most compelling topics are the cost of post-
secondary education and how to save for it. Buying a car, living
costs after college/university, and managing debt (like student
loans) will also engage their attention as they move through high
school. The essential principle is to make the learning applicable to
decisions that students know they will have to make.
Learning the basics in earlier years is likely to make it easier for
high school students to learn what they need to know, at the time
when they are receptive and eager to learn. Even so, the focus of
financial education in schools should be instilling the skills and
attitudes that lead to good money management, everyday.
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1. INTRODUCTION
The Investor Education Fund (IEF) promotes financial literacy amongyounger Canadians online through GetSmarterAboutMoney.ca and
through extensive school-based programs that include teacher
training, financial literacy tools for classroom use, and the Funny
Money for High Schools assembly program, co-sponsored nationally
by IEF and the Investment Industry Regulatory Organization of
Canada (IIROC). IEF has been a strong advocate for financial literacy
education in schools for more than a decade, and is currently
introducing a new program to support recent Ministry of Educationchanges that integrate financial literacy in the Ontario curriculum
from Grades 4-12.
This survey is part of IEFs efforts to prepare future generations to
manage their finances. The study monitors high school students
financial confidence and behaviour, their preferences for financial
education and the financial topics of the most interest to this group.
The current study is a repeat of the 2009 IEF Youth Financial Literacy
Landscape study (May 2009). With the exception of some very
modest updates to reflect changes in the past three years, the
survey questions are largely identical. This allows the IEF to track
changes in knowledge, behaviour and attitudes over time.
METHOD
The report is based on a 15-minute online survey conducted in June
2012. All 400 respondents are English-speaking secondary school
students in Ontario. As you can see in Exhibit 1.1, the interviews are
evenly split between the four secondary school grades and evenly
split by gender. All respondents are ages 14-18, although very few
are 18 years old. More than 8 out of 10 live in urban settings,
defined as areas with a population of greater than 10,000.
While not shown graphically, we note that the demographics are
very similar to the 2009 survey, making comparison quite
straightforward.
Survey results have a worst case error of +5% some 19 out of 20
times. The actual error in estimates is sometimes smaller than this
but must be independently calculated.
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PSYCHOGRAPHIC SEGMENTS
In addition to demographics, the study also considered
psychographic segments based on responses to a set of 20
consumer attitude questions.
Using a technique called maximum likelihood factor analysis, we
identified three psychographic segments among secondary school
students.
Conscientious Consumers: They are traditional and cautious,
researching things before they buy them and looking for value for
money. They worry about finances and social issues. They
consciously aim to buy from companies that are environmentally
and socially responsible. This group is fairly evenly split by gender,
with a slight male skew (54%).
Trendy Techies: Friends and advertisers both have a big effect onhow this group buys. They like to be on the cutting edge and this
means buying the latest gadgets. They buy things on a whim at
times. They believe it is important to treat myself on a regular
basis. This group is fairly evenly split, with a slight male skew (57%).
Stylish Spenders: This group loves to shop and style is very
important to them. This is reflected in their clothing in particular,
since Stylish Spenders believe that what they wear says a lot aboutthem. This group is predominantly female (7 out of 10).
None of these segments is related to age, grade or where people
live.
Despite the relative lack of demographic differences, we will report
on differences in attitude, behaviour and knowledge among these
psychographic segments.
STRUCTURE OF THE REPORT
The report consists of an Executive Summary and five chapters.
1. Introduction2. Financial Behaviour and Attitudes3. Knowledge of Personal Finance4. Preparation for the Future5. Summary and Conclusions.
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2. FINANCIAL BEHAVIOUR &ATTITUDES
HIGHLIGHTS
Some 9 out of 10 high school students have at least onefinancial product. For 7 out of 10, a savings account is their
primary financial product. Just 2 out of 10 are aware of having a
Registered Educational Savings Plan (RESP).
Budgeting is mainly just for big items. Clothes, entertainment,technology and gifts for others top the list for savings. Only 3
out of 10 are saving for their education.
Thinking about personal finances increases steadily over theteen years. Thinking about personal finances all the time
increases from 5% at age 14 to 29% by age 18.
When students need to know about personal finances, theyturn to their parents first. Students turn to the Internet only
about one-third as often as their parents. Banks and friends
follow as sources of information. Trust levels for anything other
than parents are quite low. For the most part, high school
students just dont talk about personal finances with their
friends.
Those who felt their school provides most or all of the personalfinance information they need are twice as likely to discuss
personal finances compared to high school students that didnt
feel their school provided them with adequate information
(40% versus 20%).
2.1 FINANCIAL BEHAVIOUR
Allowance and gifts are the two primary sources of money for high
school students (see Exhibit 2.1), but these give way to part-time
jobs over the teen years. While only 2 out of 10 of Grade 9 students
have a part-time job, this rises to 6 out of 10 by Grade 12. Even by
Grade 10, almost half of high school students have the experience
of earning some of the money they use.
Part-time jobs are much more likely in rural areas than urban,
offsetting the lower incidence of allowance and babysitting
opportunities in rural areas. More males have part-time jobs, while
more females report earning money through babysitting.
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FINANCIAL PRODUCTS
Some 9 out of 10 high school students have at least one financial
product. The average is about 2.2 products per person. The more
products someone has, the more likely they are to identify
themselves as more knowledgeable about personal finances. Based
on research with adults, that is likely to be the case. Using a
financial product prods interest in learning about it and generally
increases knowledge levels.
Ownership of financial products increases with grade level and age.
Rural high school students are more likely to own at least one
financial product compared to urban high school students. The
Trendy Techies own the fewest financial products, followed by the
Conscientious Consumers and then Stylish Spenders.
For 7 out of 10 high school students, a savings account is the
primary financial product. About half as many have a chequingaccount mostly in the upper grades. More than two-thirds of
those with a chequing or savings account had their first bank
account by the year they entered secondary school.
Given the high rate of account ownership, it is not surprising that
almost half of high school students have a debit card. By contrast,
only 7% of high school students report having a credit card. Both
debit card use and credit card use increase steadily over the years ofsecondary school. Between Grade 9 and Grade 12, debit card usage
doubles (32% to 60%). Credit card usage increases from 1% to 12%
over the four years of secondary school. Credit cards are higher
incidence in urban areas, while debit cards are higher incidence in
rural areas.
Some 7 out of 10 credit card holders pay off the entire amount each
month, while another 2 out of 10 try to do this but sometimes run
short. The remaining 1 out of 10 dont know about paymentbecause someone else pays the bill.
Just over 2 out of 10 high school students are aware of having
Registered Educational Savings Plans (RESPs) in their name and
fewer than 1 out of 10 are aware of owning other investments and
debts.
Overall, product ownership is not significantly different from 2009,although there does appear to be a decline in credit card usage.
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PERSONAL STYLE
Respondents were asked to self-identify as spenders or savers.Most people identified themselves as a little of each. The
remainder split evenly between spenders and savers. Trendy
Techies were most likely to self-identify as spenders , followed by
Stylish Spenders. Conscientious Consumers were most likely to self-
identify as savers. More knowledgeable (self-assessed) high school
students were more likely to identify as savers. Demographics
played no role in self-identifying as a saver or spender.
High school students budget at least some of the time. Budgeting is
mainly just for big items. The likelihood of budgeting is not related
to demographics in any way, but high school students who self-
identify as more knowledgeable are more likely to budget. As well,
students who have been shown how to budget are far more likely to
do so.
Personal finance programs at school make a difference. High school
students who felt their school provides most or all of the personalfinance information they need are twice as likely to always budget
compared to other high school students (29% versus 15%).
Conversely, the likelihood of not budgeting at all is 42% for those
didnt feel their school provided them with adequate information
and drops to 18% for those who felt their school provides most of
the information they need.
Clothes, entertainment, technology and gifts for others top the list
of things that high school students save to buy. Nonetheless,
almost 3 out of 10 are also saving for their education. Only a tiny
portion (3%) doesnt save at all.
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As one would expect, saving for education is more common in the
upper grades. It is also more common in the Conscientious
Consumers segment (38%) than among Stylish Spenders (28%) orTrendy Techies (20%). Females are twice as likely to be saving for
education as males (37% versus 18%). Males are about twice as
likely to be saving for a technology purchase as females (62% versus
34%). The same is true for buying a car.
2.2 FINANCIAL ATTITUDES
When high school students hear the words personal finances andmanaging money, the first things they think of are bank accounts
(35%), saving (22%), and budgeting (18%). And since this question
was asked before any other question about personal finances, the
survey wording did not influence their choice of words. Banks,
savings and budgets are integral to their understanding of personal
finance and money management.
Still, personal finances are something that most high schoolstudents only think about occasionally, if at all. One-third, rarely if
ever, think about their personal finances.
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The group that thinks about personal finances all the time
increases from 5% at age 14 to 29% by age 18. Thinking about
personal finances increases steadily over the high school years.
SOURCES OF INFORMATION ABOUT PERSONAL FINANCES
When high school students need to know about personal finances,they turn to their parents first. Their parents are the source they
trust most. The Internet is a popular source of information, but high
school students turn to the Internet only about one-third as often as
their parents. Banks and friends follow as sources of information.
Trust levels for anything other than parents are quite low.
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For the most part, high school students dont talk about personal
finances with their friends. Those who say they do talk about
finances are more likely to identify themselves as advice-giversthan as those seeking advice. Those who felt their school provides
most or all of the personal finance information they need are twice
as likely to discuss personal finances compared to students that
didnt feel their school provided them with adequate information
(40% versus 20%).
CONSUMER ATTITUDES
The psychographic segments we have used are based on a set of 20consumer attitudes that high school students were asked about.
We have grouped the attitudes by segment to show the dominant
views in each segment. So while Exhibit 2.10a shows the dominant
attitudes in the Conscientious Consumers segment, the percentage
who agree with each of these attitudes will be far higher in the
Conscientious Consumers segment than among others.
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The Shopper segment (34%) is easiest to understand. They simply
love shopping and the latest styles, especially in clothing. Taking a
prime example, some 9 out of 10 in the Shopper segment agree thatStyle is very important to me compared to 1 out of 3 in the
Conscientious Consumers segment.
As we will continue to see throughout the report, consumer
attitudes play a role in financial learning, even if not always in
predictable ways.
171821
26
2524
30
32
5858
49
420% 20% 40% 60% 80% 100%
StylishSpendersStyleisveryimportanttome
WhatIwearsaysalotaboutthetypeofpersonIam
IlovetoshopNeutral
Idontliketos ckoutinthecrowd
Exhibit2.10c ConsumerA tudes-StylishSpender
%Disagree %Neutral %Agree
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3. KNOWLEDGE OF PERSONAL FINANCE
HIGHLIGHTS
The majority of high school students feel their knowledge ofpersonal finance and managing money could be better. Only
one-quarter say they know about money and make the right
spending decisions.
Many students are particularly focused on learning about thingsthat will affect them in the short to medium term. The gapbetween interest in topics and current knowledge levels points
to a range of topics that are likely to engage the interest of high
school students.
Knowledge and interest levels are highest for the cost of post-secondary education and how to pay for it. This is especially
true by Grade 12.
Despite high levels of interest in saving for/cost of post-secondary education and relatively strong knowledge of the
topic, fewer than one-third of high school students are actually
saving for their post-secondary education.
Students cite websites and school courses as the most commonways they learn about financial topics, and the majority two
thirds also prefer to learn from these sources. Just under halfare also quite happy to learn by reading books. Other sources
are less popular.
3.1 SELF-ASSESSED KNOWLEDGE ABOUT PERSONAL FINANCES
Self-assessed knowledge about personal finance and managingmoney improves markedly between Grade 9 and Grade 10, and
then again in Grade 12. The proportion of high school students that
say they are knowledgeable about financial matters increases from
42% in Grade 9 to 62% in Grade 12. Conscientious Consumers say
they are knowledgeable (65%) far more than Stylish Spenders (56%)
or Trendy Techies (39%). Compared to savers, those who say they
are spenders are only half as likely to self-identify as knowledgeable
(64% versus 33%).
3145
2927
23
2530
36
1713
1821
15
1013
25
5242
5352
62
6556
390% 20% 40% 60% 80% 100%
OverallGrade9
Grade10Grade11Grade12
Conscien ousStylishSpenders
TrendyTechies
3.1KnowledgeAboutManagingMoney(Self-Assessed)
NotknowledgeableAverageKnowledgeable
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Overall, the majority of high school students (55%) feel their
knowledge could be better. Only one-quarter say they know about
money and make the right spending decisions. Only a small group
(5%) identifies their lack of knowledge as a source of stress to them,
and students who described themselves as Spenders make up most
of this group. The lack of stress suggests that eliminating stress or
worries is not an effective motivation for high school students to
learn more about money management.
When we go into greater depth and ask high school students about
their knowledge of specific topics, we find that knowledge is often
driven by the need to make decisions in the short-to-medium term,
just as it is with adults. Those who say theyre knowledgeable about
long-term issues are a specific subset.
Self-assessed knowledge levels are highest about saving for post-
secondary education and what it will cost. Half are knowledgeable
about these issues. Other issues are less compelling and it is our
sense that knowledge reflects judgments of personal relevance.
Many issues that are considered basics of personal finance have
very low knowledge levels. The last eight items in the list of topics
are all deemed low knowledge by at least half of high school
students.
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3.2 INTEREST IN FINANCIAL TOPICS
There is a relationship between topics that high school studentsknow more about and topics that interest them, but there are
differences between the two. Post-secondary education is a focal
point for high school student interests. Buying a car and managing
life after post-secondary education are also big issues. It is our
sense that the interest in topics reflects the immediacy of needing
or wanting to deal with them.
The gap between interest in topics and current knowledge levelspoints to a range of topics that are likely to engage the interest of
high school students (see Exhibit 3.5).
Knowledge and interest levels are highest for the cost of post-
secondary education and how to save for it. This is especially true
by Grade 12. Topics with high interest levels but relatively low
levels of existing knowledge include: buying a car, living costs after
college/university, moving out of home and managing debt.
Typically, gaps between knowledge and interest indicate learning
opportunities. Looking just at high levels of interest and knowledge,
we find gaps of 25% or more for:
Living cost after college/university (31%); Buying a car (33%); Saving to move out from home (29%); Investing money safely (25%); and Building a financial plan (25%).
Regardless of gap size, it is safe to assume that short-to-medium
term topics are more likely to encourage high school students to
learn about managing money than long-term issues. Immediacy
plays a key role in motivating both adults and high school students.
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5449
3633
3229
32
3330
2823
2222
2120
1914
6763
556465
58
52
5044
5340
3744
3539
4433
0 20 40 60 80
Short-MediumTermCostofcollege/universityw/livingexp
Savingforeduca onSavingandmanagingdebt
Livingcosta ercollege/universityBuyingacar
Savingtomoveoutfromhome
Managingcreditcardspendinganddebt
Long-TermHowtostartinves ng
The mevalueofmoneyInves ngmoneysafely
TypeofinvestmentsHowthestockmarketworks
BuyingahomeSavingforre rement
InvestmentriskandreturnBuildingafinancialplan
Howtoworkwithafinancialadvisor
Exhibit3.5 Self-AssessedKnowledgeversusInterests(%TopBox)
KnowledgeInterest
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CONCERNS FOR THE FUTURE
Supporting the interest in topics, especially post-secondaryeducation, we look at high school students biggest concerns for the
future. As we can see, college/university education tops the list.
Finding a job is the next biggest concern, and while that isnt directly
a financial topic, looking back at Exhibit 3.5 we can see that many of
the topics of highest interest reflect a need to understand and
manage the cost of living after completing education and entering
the job market. As previous IEF research has shown, paying foreducation and the transition to the workforce is the dominant
concern of people in their early 20s. High school students appear to
know what is coming next.
3.3 METHODS OF LEARNING
Websites and school courses are the most common ways that highschool students learn about managing money and building personal
finance skills. Both are identified as methods that were used in the
past by half of high school students. TV and books are methods
used by about one-third of high school students, while other
methods are used by less than one-quarter.
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4. PREPARATION FOR THE FUTURE
HIGHLIGHTS
Compared to the 2009 study, high school students in 2012attach more importance to knowledge of how to manage
money and take care of finances. Some 70% of high school
students think it is important to know about managing personal
finances now compared to 64% in 2009.
The importance of schools for providing the information andskills needed to manage personal finances better has also grownover the past three years. Some 69% of high school students
now think it is important that schools teach them about
personal finance compared to 57% in 2009. This is a significant
shift.
Only one-quarter of students say that their school providedthem with most/all of the information they needed, an increasesince 2009. Satisfaction with the amount of information schools
provide is directly related to students rating themselves as
knowledgeable about personal finances.
While students rank schools higher than in 2009 for providingneeded personal finance information, only 4 out of 10 high
school students feel they are somewhat or very prepared for
managing their money after high school. This proportion hasremained constant over the past three years.
Students satisfaction with school personal finance programshas a direct and significant impact on how well students feel
they are prepared for the future.
4.1 TRENDS IN KNOWLEDGE AND PREPARATION
Compared to the 2009 study, high school students in 2012 attach
more importance to knowledge of how to manage money and take
care of finances. Some 70% of high school students think it is
important to know about managing personal finances now
compared to 64% in 2009. This does not differ much by either age
or grade.
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The importance of schools for providing the information and skills
needed to manage personal finances better has also grown over the
past three years. Some 69% of high school students now think it is
important that schools teach them about personal finance
compared to 57% in 2009. This is a significant shift. It is worth
noting that this view covers virtually all groups of high school
students. There are no demographic differences in the importance
of the schools role in helping to learn about managing money.
HOW WELL ARE SCHOOLS DOING?
While students rank schools higher than in 2009 for providing
needed personal finance information, only one-quarter say that
their school provided them with most/all of the information they
needed. Satisfaction with the amount of information schools
provide is directly related to high school students rating themselves
as knowledgeable about personal finances.
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As in 2009, only 5% of students currently believe that their school
provided them with all of the information they need. The big shift is
the move from 12% to 21% who say that their school provides them
with most of the information they need. Despite these gains, we
note that almost half of students indicate that their schools provide
a bare minimum of information (26%) or no information at all (21%).
The deficit in learning that is perceived by these students is
independent of age, grade, gender of psychographic segment.
What we do note is that those who dont feel theyre getting
adequate personal finance information in school are far more likely
to assess themselves as Not knowledgeable than those who rank
their schools high for providing the personal finance information
they need. At the extremes, the difference is as big as 42% versus
5%. Conversely, high school students are less than half as likely to
consider themselves knowledgeable about financial matters if they
rank their school poorly for providing personal finance information
school program, especially compared to those who rank their
schools high in this area (38% versus 86%). In short, the perceived
extent or quality of school programs has a visible impact on high
school students knowledge of financial matters.
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4.2 ARE STUDENTS PREPARED FOR THE FUTURE?
While students rank schools higher than in 2009 for providing
needed personal finance information, only 4 out of 10 high school
students feel they are somewhat or very prepared for managing
their money after high school. This proportion has remained
constant over the past three years.
Some 4 out of 10 also consider themselves somewhat unprepared
or not very prepared. It is notable that the proportion saying they
are not very prepared has increased.
Students satisfaction with school personal finance programs has a
direct and significant impact on how well students feel they are
prepared for the future. Of those students that ranked their schools
low in this area, only 1% consider themselves very prepared while
32% say they are not very prepared. By comparison, school
programs that students felt imparted most/all of what they need to
know left only 5% not very prepared and 14% very prepared.
Looking at the top two categories of preparedness, the school
program satisfaction moves preparedness from 28% to 61%. School
programs clearly have an impact.
32
14
5
21
25
16
19
27
18
27
30
47
1
4
14
0% 20% 40% 60% 80% 100%
None/Minimal
Okay
Most/All
AmountofInforma onfromSchool
Exhibit4.6 StudentPersonalFinancePrepara onversusAmountofInforma onProvidedinSchools
NotverypreparedSomewhatunpreparedNeitherpreparednorunpreparedSomewhatpreparedVeryprepared
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Learning the basics in earlier years is likely to make it easier for
high school students to learn what they need to know, at the time
when they are receptive and eager to learn. Even so, the focus of
financial education in schools should be instilling the skills and
attitudes that lead to good money management, everyday.
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APPENDIX A YOUTH LITERACY SURVEY FORM
Introduction
DEMOGRAPHICS
Thank you for taking our survey, please lets begin
First off, could you tell us a bit about yourself?
1. How old are you?DROP DOWN LIST13 and
under
THANKS & TERMINATE
14
15
16
17
18
19 and
over
THANKS & TERMINATE
2. Which Canadian province or territory do youcurrently live in? DROP DOWN LIST
British ColumbiaTHANKS &
TERMINATE
Alberta
Saskatchewan
Manitoba
Ontario Continue
Quebec
THANKS &
TERMINATE
New BrunswickNova Scotia
PEI
Newfoundland
Yukon, Northwest Territories,
or Nunavut
I do not live in Canada
3. Do you live in an urban or rural area?Urban (a large town or city OR the built up areas that
surround these)
Rural (any settlement, village, town or county with a
population of less than 10,000)
4. Please tell us what grade you are currently in. Dropdown list
Grade 9
Grade 10Grade 11
Grade 12
Im not in
high school
THANKS & TERMINATE
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5. What is your gender?Female
Male
6. Please indicate of all the ways in which you haveearned or received money in the past 3 months.
1 Part time job Multiple
select2 Full time job
3 Allowance
4 Baby Sitting
5 Gifts
6 Other - Specify
Section 1 Financial Behaviour/Literacy
Were going to start by asking you questions about finance
and money in your life. Remember all your responses are
kept confidential, so please be honest and open when
answering.
7. Please tell us the first thing that comes to mindwhen you hear personal finances and managing
money?
Verbatim
8. Please rate your overall level of knowledge when itcomes to managing money (i.e., understanding how
to budget, make informed financial decisions, etc.).
Please use the following scale where 1 means
you are not at all knowledgeable and 5 means
you are extremely knowledgeable
1 1 Not at all knowledgeable
2 2 Somewhat unknowledgeable
3 3 Neither knowledgeable nor
unknowledgeable
4 4 Somewhat knowledgeable
5 5 Extremely knowledgeable
9. How would you describe your personal financeskills?
1 Im knowledgeable about money and make
the right decisions when it comes to
spending it
2 I could be better about dealing with money
3 I know Im not very good with my money, butIm okay with that
4 I know Im not very good with money and it
can be a source of stress to me
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10. What financial products do you currently have?(please check all that apply)
1 Savings Account
2 Chequing Account
3 Student Line of Credit/Studentloan
4 Car Loan
5 Registered Retirement SavingsPlan (RRSP)
6 Credit Card7 Mutual Funds or Stocks
8 Canada Savings Bonds and/orOntario Savings Bonds
9 Term Deposits and/or Guaranteed
Investment Certificates
10 Tax Free Savings Account
11 Registered Education Savings Plan
(RESP)
12 Debit Card
13 None of the above EXCLUSIVE
If Option 6 is chosen in Q10 (credit card)
11. How many credit cards do you currently have accessto (i.e., pre-paid, co-card with parents, etc.))?(verbatim numeric response only)
12. Which statement best describes your repayment ofyour credit cards?
1 I pay off the entire amount each month2 I try to always pay them off completely each
month, but sometimes I run a little short
3 I pay just the minimum amount each month
4 Im behind in my payments
5 I have collection agencies calling me
6 Someone else pays the bill
If Option 1 or 2 is chosen in question Q10 ask
13. If you can remember, please tell us how old youwere when you got your first bank account? Enter
your age here:
Numeric response
All Respondents
14. Thinking about your general behavior and attitudetowards money, what statement best describes
you?
1 Im a saver
2 Im a spender3 Im a little of both (saver and spender)
4 Im neither
15. Please explain your answer.Verbatim
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3 3 Neither important nor unimportant
4 4 - Somewhat important
5 5 - Its very important
20. If you have questions or are looking for informationon money management and financial planning,
where do you turn?
1 My parents
2 My brothers or sisters
3 A teacher
4 Friends
5 The internet
6 A Bank/Other Financial
Institution
7 Somewhere else?
(please specify)
Verbatim
8 I wouldnt I dont
think about money
Exclusive
Multichoice
21. Please tell us which one is your most trusted sourcefor information about money management and
financial planning?
1 My parents
2 My brothers or sisters
3 A teacher
4 Friends
5 The internet
6 A Bank/Other Financial
Institution7 Somewhere else?
(please specify)
Pipe in from
Option 7
Forced choice
22. Have you ever been shown how to create a budget?1 Yes
2 No
23. Thinking about budgeting, please indicate which ofthe following statements best describes you:
1 I always budget my money
2 I budget for bigger ticket items like events,
vacations, gifts etc.
3 I dont budget my money
24. Please tell us which statement best describes youwhen it comes to talking with your friends about
money and finances.
1 I give more advice about finances tomy friends than they can give me
2 My friends give me more advice on
finances than I can give them
3 My friends and I do not talk about
money and finances
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following scale where "1" means 'not at all
interested' and "5" means 'very interested').
1 Saving for retirement 1 Not at all
interested
2 Somewhat
uninterested
3 Neither
interested nor
uninterested
4 Somewhatinterested
5 Very
interested
2 Building a financial
plan
3 Saving for education
4 Saving and managing
debt
5 How to start investing
(writing goals/ putting
money aside/
investment knowledge)
6 How the stock market
works
7 Type of investments (
stocks, bonds, mutual
funds, GICs)8 Buying a home
9 Saving to move out
from home
10 Buying a car
11 Investing money safely
12 How to work with a
financial advisor13 Investment risk and
return
14 The time value of
money (compound
interest)
15 Managing credit card
spending and debt
16 How much it will cost
to go to
college/university
including living
expenses
17 How much it costs to
live on your own after
you are done with
education
19 Other please specify
(asked to those rated 4
or 5)
Verbatim
Randomize List
27. Thinking about the various sources you couldpossibly use to learn more about managing moneyand improving your personal finance skills, please
indicate which of the following if any, you have
relied on in the past.
1 Pamphlets Multiple choice
2 Magazines
3 Email4 Podcasts
5 Website
6 School course
7 School assembly
8 Newspaper
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9 TV
10 Radio
11 Books
12 Discussion boards,
blogs, online forum
19 Other - please specify Verbatim
Randomize List
28. What would be the best way for you to find outabout managing money and personal finances?
Please use the following 1 to 5 scale, where 1 means
you would never use this and 5 means that you
would totally use this.
1 Pamphlets Matrix 1= This is
the worst way for
me, I would neveruse this to find out
more 2 = I
wouldnt really use
this to find out
more 3= I might
and I might not
2 Magazines
3 Email4 Podcasts
5 Website
6 School course
7 School assembly
8 Newspaper
9 TV
10 Radio use this to find out
more 4 = I would
use this to find out
more 5= This is the
best way for me, I
would totally use
this to find out
more.
11 Books
12 Discussion boards,
blogs, online forum
19 Other - please specify
(asked to those rated
4 or 5)
Verbatim
Randomize List
Section 1c Short-term Future
29. What are the top 3 things you usually save for? (select top 3)1 Vacation
2 Clothes
3 Entertainment (ie: concerts, etc.)
4 Contribute to an RRSP
5 Technology purchase (ie: computer, PDA, MP3 or DVDplayer, etc.)
6 Investments
7 Pay for my education
8 Gifts for others
9 Pay off credit card or other debt
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10 Buy a house/condo
11 Take a big trip (i.e. backpacking for a year, volunteering
overseas)
12 Buy a car13 Other (please specify)
14 I dont save
30. What would you say is your biggest concern foryour financial future?
(verbatim please be specific)
31. On a scale of 1 to 5, how prepared are you formanaging your own money after high school?
1 1 - Not very prepared
2 2 - Somewhat unprepared
3 3- Neither prepared nor unprepared
4 4 - Somewhat prepared5 5 - Very prepared
32. How would you describe yourself as a consumer?Please let us know how much you agree or disagree
with each of the following statements on a scale of
1 to 5 where 1 means you completely disagreewith the statement and 5 means you completely
agree with the statement.
1 I am always on the cutting edge
2 I dont like to stick out in the crowd
3 Style is very important to me
4 I worry a lot about finances
5 I like to research things before I buy them
6 Im very traditional in what I buy
7 I love to shop
8 Getting value for my money is the most
important thing
9 Its important to me that companies are socially
responsible
10 What I wear says a lot about the type of person I
am
11 My friends have a strong influence on what I buy
12 If it comes down to deciding between two
similar products or services Ill always choose
the one that comes from my own country first
13 Advertising has a big effect on what I buy
14 I like to follow trends
15 I buy products from companies that are fair toits workers
16 I tend to buy a lot of gadgets
17 Im very practical in the things I buy
18 Its important that I treat myself on a regular
basis
19 I tend to buy a lot of things on a whim
20 I buy products from companies that areenvironmentally responsible
Close and thanks
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