Millennials and Financial Literacy

Millennials and Financial LiteracyA study of 5,500 individuals on millennials and financial literacy conducted by PricewaterhouseCoopers and George Washington University confirmed that millennials (ages 23 – 25) have an alarmingly low level of financial literacy, which could have “disastrous” effects on the economy.

Have inadequate financial literacy

When tested on financial concepts, only 24% demonstrated basic financial knowledge.

Need Help Reviewing Your Financial Situation?
Contact a Licensed Trustee for a Free Debt Relief Evaluation

Call 877-879-4770


  • Aren’t happy with their current financial situation.
  • When ranking satisfaction on a scale of 1-10, 34% were very unsatisfied.
  • Worry about student loans.
  • When asked about their ability to repay their student loan debt, more than 54% of Millennials expressed concern.
  • Debt crosses economic and educational lines’.
  • Among college-educated Millennials, a staggering 81% have at least one long-term debt.
  • Are financially fragile.
  • Nearly 30% of Millennials are overdrawing on their checking accounts.
  • Are heavy users of Alternative Financial Services (AFS).
  • In the past five years, 42% of Millennials used an AFS product, such as payday loans, pawnshops, auto title loans, tax refund advances, and rent-to-own products.
  • Sacrifice retirement accounts.
  • More than 20% of Millennials with retirement accounts took loans or hardship withdrawals in the past year.
  • Don’t seek professional financial help.
  • Even with inadequate knowledge, only 27% of Millennials are seeking professional financial advice on saving and investment.

This is an American sturdy but the results would be the same for Canadian Millennials. The Canadian Foundation for Economic Education was beefed up on July 30, 2014 when Minister of State (Finance) Kevin Sorenson and Canada’s Financial Literacy Leader Jane Rooney announced the appointment of 15 prominent Canadians to the National Steering Committee on Financial Literacy, among them Gary Rabbior, President and CEO of the Canadian Foundation for Economic Education. A key responsibility of the National Steering Committee will be providing leadership and support for Ms. Rooney in the development of a Financial Literacy Strategy for Canada.

Need Help Reviewing Your Financial Situation?
Contact a Licensed Trustee for a Free Debt Relief Evaluation

Call 877-879-4770


Information on Consumer Proposals

Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?

Canadian Bankruptcies

How to File for Bankruptcy
What is Bankruptcy?
Bankruptcy FAQs
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?

Need a Licensed Insolvency Trustee?

Licensed Insolvency Trustees Near Me

Find Your Personal Debt Relief Solution

Licensed Insolvency Trustees are here to help. Get a free assessment of your options.

Discuss options to get out of debt with a trained & licensed debt relief professional.