A Remitly study found Canada scored 75.5% on average in a global financial literacy ranking.
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Canada placed 22nd out of 27 countries in a global financial literacy study by Remitly, with respondents in Canada answering 75.5% of questions correctly on average.
The study surveyed more than 5,000 individuals worldwide and tested financial knowledge across topics including interest rates and inflation, currency conversion and cryptocurrency.
Remitly said financial literacy involves the “knowledge, skills, attitudes, and behaviors necessary to make sound financial decisions and achieve individual financial well-being.”
The study found financial literacy varied by topic, with currency conversion identified as the biggest challenge overall, where 60.2% of respondents answered questions correctly.
Remitly reported that people’s results also differed by how they learned money skills, with 82.9% of respondents saying they had become largely self-taught. It also found that 70.5% of respondents globally felt formal education did not provide enough financial knowledge to manage money confidently as adults.
The Czech Republic topped the ranking with an average score of 90.9%, followed by the Netherlands at 86.1%. Canada finished ahead of Italy at 75% and the United States at 72%.
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