In recognition of Financial Literacy Month, Credit Counselling Canada and the Canadian Bankers Association (CBA) are collaborating to launch the “Debt Money Quiz”, a financial wellness tool for Canadians across the country. As some individuals continue to confront challenging economic times, we encourage them to participate in the quiz to help assess their financial health and get information on where to turn if they need help.
The campaign is supported by a recent national study commissioned by Credit Counselling Canada that evaluates Canadians’ attitudes and habits regarding their finances and debt-related matters, including asking how they measure their overall financial health.
The Down with Debt survey, an Angus Reid survey of 1,510 Canadians, asked respondents about the top ways they measure their financial health. Stability/living within their means was the top answer (54%), while being debt-free came second (42%). The study also found that one-in-10 Canadians have had to resort to a high interest financial service (payday loan, installment loan, rent to own product) to deal with debt since the COVID-19 pandemic began.
“Credit Counselling Canada and the CBA are seeking to help Canadians assess their financial health and find help if they need it,” says Stacy Yanchuk Oleksy, interim CEO of Credit Counselling Canada.
Debt Assessment Quiz starts the conversation
Money and debt problems usually develop over time. Recognizing the warning signs and getting help early can make a big difference. To that end, Credit Counselling Canada and the CBA have launched the Debt Money Quiz to help Canadians get started on the journey to financial resilience.
The quiz asks users a series of simple questions regarding their debt and finances. Topics covered include preparing and sticking to a budget, relying on credit for everyday expenses, making minimum payments on credit cards, among others. More acute signpost questions include: whether the person has been declined at a point-of-sale, has used one credit card to pay another, has relied on payday loans, received letters or phone calls from creditors.
“Canada’s banks want to see their customers succeed financially at every step,” says Neil Parmenter, President and CEO, Canadian Bankers Association. “The Debt Money Quiz, supported by the CBA, will help Canadians who may be struggling financially take stock of their situation and find support to guide them forward, starting with their financial institution.”
SOURCE Credit Counselling Canada