Quiz: How financially capable are you?

If you were faced with an unexpected large cost this month, like leaky roof repairs, how would you pay?

If you’re similar to the majority of Canadians — more than 55% — you’d pay with savings. However, if credit would be your method of payment, you’re hardly alone. Slightly more than 42% of Canadians would borrow to pay for surprise expenses. These findings are based on the Canadian Financial Capability Survey conducted by Statistics Canada in 2009.

To find out more about your financial capability, take this quiz developed by Prosper Canada, a national charity that promotes financial policies and programs. The 16 questions are designed to measure and track changes in your financial habits, knowledge and attitudes over time. And comparing your results against the national average is a fun bonus.

Take the quiz here and see results here.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.