The Personal - Only Half of Canadians are Financially Literate

A new survey is revealing that a surprisingly high number of people in Canada aren't as financially literate as they may have thought.

According to the findings, 55 and 49 percent, respectively, of adult Canadians are lacking in their numeracy and document literacy. Numeracy is defined as the ability to use basic math skills in every day life, while document literacy is the ability to make sense of what a form, chart or graph may depict.

"Canadians are increasingly faced with a complex array of financial decisions in their every day lives - from choosing a mortgage and retirement planning to managing consumer debt and funding postsecondary education," said Dr. Paul Cappon, president and CEO of the Canadian Council of Learning. "Yet, many Canadians do not have the financial literacy skills needed to make informed decisions related to money and investment."

This kind of illiteracy can often translate to individuals being unable to fully understand their auto or property insurance policies. Canada's Task Force has issued a report that details 30 comprehensive recommendations designed to help Canadians become more financially literate so they can make the decisions they need to improve their overall quality of life.

Drivers or homeowners who don’t understand their insurance policies should contact their insurance company for help.