The role of personality traits and economic beliefs in shaping financial literacy

Financial literacy and capability are becoming increasingly important in Canada’s rapidly changing economy. This report sheds light on the impact our personalities and beliefs have on how well we manage our finances.

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The need for more effective financial literacy programming is becoming increasingly urgent. Both our labour market and the broader economy are in the midst of great upheaval as technological change impacts how we view our jobs and our careers. Job insecurity, income volatility, and general economic worry are becoming more commonplace, placing a greater burden of financial security in the hands of Canadians to manage on their own.

In the final part of our three-part research series, we investigate the general impact personality traits have on measures of financial capability, highlighting how much further we still need to progress in developing our understanding of the factors that impact our ability to manage our own finances.