Education Makes a More Shared Financial Responsibility

 

Over 57% Canadians of age 18 years or older have college or university degree. According to the Canadian Financial Capability Survey (CFCS) from Statistics Canada, people with high education are much more likely to share responsibilities of paying regular bills. For example, 28% of people with the university graduate degree share their responsibility equally for paying regular bills. This is 1.27 times higher than the Canadian Average.

People with college or higher degrees tends to have multiple bank accounts. Particularly, the proportion of having four or more (joint) bank accounts is 1.4 times the Canadian average. University graduates are also 1.9 times more likely than the average to pay their day-to-day purchases with a credit card. They are 2.4 times more likely to pay their bills by pre-authorized payments on a credit card.

education takes a more shared financial responsibility