An interesting comment was left on my post yesterday about Instant Income Tax Refund systems, which made the bold statement, “…the average Canadian is stupid about money…”, and I don’t think I like or agree with that statement, but I do wonder are Canadians financially stupid ?
While I have berated folks for using Pay Day Loans, Carrying Credit Card Debt, and various other “financial running with scissors”-type issues, I hope I haven’t made my readers feel “stupid”.
Are Canadians financially stupid ? I think we have many different issues with our money, and I might describe them as:
- Naive, would be a good adjective, since a lot of folks I have met, really don’t know much about the “science of money”. What worries me is that they don’t want to know or learn about what they don’t know. You wouldn’t do this if you had a major disease, would you?
- Mad Cap, or Whimsical, given that this generation (or at least the one behind me) really can’t remember the bad days of the 70’s and 80’s when interest rates for loans were over 20%. There is a naive belief that interest rates of 4-5% is actually high, and I can assure you, this is very much not the case (from a man who’s first mortgage interest rate was 12% for 5 years and it was a good rate (for a while)).
- Indiscreet, I have been told a lot of really personal financial information by a lot of folks, and more than once I have told them that divulging this information to an acquaintance might not be a very good idea.
- Uneducated, that really sums it up nicely. Many Canadians just have not taken the time to read, or learn about the “science of money”. I think high schools really should teach more about money, because the financial parasites try to catch folks very early.
I hope that if I have used the word “stupid”, folks have not taken it to heart. Think of it more of an aggravated utterance by a friendly teacher (yes, I am not friendly and I am a crappy teacher, but you can see where I might be coming from). I don’t think my readers are “stupid”, but if you are doing those things that I constantly rant about, you really need to get Educated!
Are Canadians financially stupid?