TORONTO, Nov. 03, 2021 (GLOBE NEWSWIRE) – In recognition of Financial Literacy Month, Credit Counseling Canada and the Canadian Bankers Association (CBA) are working together to launch the “Money Debt Questionnaire”, a tool of financial well-being for Canadians across the country. As some people continue to face tough economic times, we encourage them to take the quiz to help them assess their financial health and know where to turn if they need help.
The campaign is supported by a recent national study commissioned by Credit Counseling Canada that assesses the attitudes and habits of Canadians regarding their finances and debt-related issues, including asking how they measure their overall financial health.
The Down with debts poll, an Angus Reid poll of 1,510 Canadians, asked respondents what the best ways to measure their financial health were. Stability / living within their means was the first response (54%), while being debt free came second (42%). The study also found that one in ten Canadians had to resort to a high-interest financial service (payday loan, installment loan, rent to own a product) to deal with debt since the start of the pandemic. COVID-19.
“Credit Counseling Canada and the CBA seek to help Canadians assess their financial health and find help if they need it,” said Stacy Yanchuk Oleksy, Interim CEO of Credit Counseling 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 Counseling Canada and the CBA have launched the Money Debt Quiz to help Canadians get started on the road 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, using credit for daily expenses, minimum credit card payments, and more. More acute guiding questions include: whether the person has been refused at a point of sale, used one credit card to pay off another, relied on payday loans, received letters or phone calls from creditors.
“Canadian banks want their customers to be financially successful every step of the way,” says Neil Parmenter, President and CEO, Canadian Bankers Association. “The CBA-supported Debt Money Quiz will help financially struggling Canadians take stock of their situation and find support to guide them into the future, starting with their financial institution.
About the Debt Down Investigation
From August 4 to 6, 2021, an online survey was conducted among a representative sample of 1,510 Canadian Angus Reid Forum members. For comparison purposes, the sampling plan would have a margin of error of +/- 2.5 percentage points, 19 times out of 20. Discrepancies in or between totals are due to rounding.
About Credit Counseling Canada
Credit Counseling Canada is the national association of not-for-profit credit counseling agencies operating at the provincial, regional and local levels across Canada. The association’s agencies exist to help individuals and families settle their personal finances on a non-profit basis and have helped more than 12 million Canadians deal with their debts over the past decade. As vocal advocates of consumer financial literacy, Credit Counseling Canada ensures clients receive highly skilled support at little or no cost. Visit www.creditcounsellingcanada.ca for more information and follow us on Twitter and Facebook.
Contact for more information:
Morgan Lewis, MAVERICK