Youth Financial Literacy Study

7/27/2019 Youth Financial Literacy Study

1/36

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


2/36

The Brondesbury Group Youth Financial Literacy 2012 Investor Education Fund

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


3/36


4/36


5/36

The Brondesbury Group Youth Financial Literacy 2012 Investor Education Fund 3

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.


6/36


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.


7/36


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.


8/36


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.


9/36


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.


10/36


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.


11/36


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.


12/36


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.


13/36


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.


14/36


15/36


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


16/36


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


17/36


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.


18/36


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.


19/36


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


20/36


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.


21/36


22/36


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.


23/36


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.


24/36


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.


25/36


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


26/36


27/36


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.


28/36


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


29/36


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


30/36


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


31/36


32/36


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


33/36


34/36


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


35/36


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


36/36


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

Documents

Youth Financial Literacy Study