Lack Of Financial Literacy Puts Albertan Households At Risk

2017-07-10   minute read

Zaki Alam

MNP Consumer Debt Index

The numbers are in – and what they show may come as no surprise to thousands of households across Alberta, which is that Albertans are struggling. A recent MNP Debt Sentiment Survey conducted by Ipsos on behalf of MNP shows that nearly 70 per cent of respondents lack the confidence to create the kind of comprehensive budget which would allow for a ‘rainy day fund.’ More than 50 per cent of respondents said that they would find themselves on the verge of insolvency if their monthly income were to decrease by just $200. MNP’s Zaki Alam suggests that a lack of understanding when it comes to financial matters such as interest rates, budgeting tools and strategic debt repayments, could be putting Albertans on the brink of financial ruin. Alam suggests financial literacy being introduced and maintained throughout secondary and post-secondary education, could be an opportunity to get young people on track for a strong, secure financial future.

An original article discussing the Ispsos survey conducted on behalf of MNP was published online with Metro News on May 8, 2017.

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