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The Context and Effects of Financial Literacy in Canada


The Context and Effects of Financial Literacy in Canada

Zhang, Jingning (2019) The Context and Effects of Financial Literacy in Canada. Masters thesis, Concordia University.

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In the era of increasingly complex financial product-offerings, consumers face difficulty when it comes to making financial decisions. There is a plethora of options when it comes to choosing a bank, credit card, mortgage, or other financial offering. Financial literacy is a crucial element in not only making these decisions easier, but also in ensuring the consumer’s confidence in his/her financial decisions and financial well-being. This study explores the context and effects of financial literacy using data from three consumer omnibus surveys collected by Leger 360 on behalf of Equifax Canada Co. (hereafter “Equifax”). Study 1 focuses on the effect of socio-demographic variables. Age is found to have an inverted quadratic relationship with financial literacy, and men tended to score higher in financial literacy. Positive linear relationships were also uncovered between financial literacy and income, education level, and self-graded financial literacy score. Study 2 looks into the relationship between financial uncertainty, savings/debt inclination, and home ownership. Financial uncertainty from both job insecurity and lack of financial education is found to have a negative linear effect on savings inclination, which then has a negative effect on home-ownership. Study 3 investigates three aspects of financial behaviour: saving, retirement, and having adequate financial information.Three linear relationships are uncovered between these three aspects and financial situation, job concern, and parental financial teaching. Collectively, these studies connect financial literacy to home ownership and financial behaviour, demonstrating the importance of these variables to individual consumers, financial institutions, and the economy in a Canadian context.

Divisions:Concordia University > John Molson School of Business > Marketing
Item Type:Thesis (Masters)
Authors:Zhang, Jingning
Institution:Concordia University
Degree Name:M. Sc.
Program:Business Administration (Marketing specialization)
Date:April 2019
Thesis Supervisor(s):Grohmann, Bianca
ID Code:985495
Deposited By: Jingning Zhang
Deposited On:15 Nov 2019 16:16
Last Modified:15 Nov 2019 16:16
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