Albertans liken swimming with sharks to being tested on their financial literacy
A new campaign by the Alberta Securities Commission titled 'The F-Word' showcases Albertans' fears of being tested on their financial literacy and a new set of tools to help them increase their investing confidence
CALGARY, March 1, 2018 /CNW/ - How much do Albertans want to be tested on their financial literacy? Well, it turns out, about as much as they would like to do other fear-inducing activities like swim with sharks or go on a blind date. An online survey released today, commissioned by the Alberta Securities Commission (ASC), uncovered some of the negative and uncomfortable feelings that Albertans have related to their finances. In fact, Albertans are so uncomfortable that when asked "would you rather" among a list of common fears, roughly the same amount of Albertans would choose to be tested on their financial literacy (12 per cent) as would choose to speak in front of a large crowd (14 per cent), swim with sharks (9 per cent), or go on a blind date (9 per cent).
"We understand that learning about finances and investments can be an intimidating and sometimes, uncomfortable, experience for a lot of people. We also know that emotions can be a strong driver in investment decisions1," said Alison Trollope, Director, Communications and Investor Education at the ASC. "With the ASC's newest campaign, we've set out to demonstrate that learning about 'The F-Word' – in this case, finances – does not have to be a negative experience. When it comes to making safe and suitable investment decisions, knowledge is power."
The results of the survey are being released for Fraud Prevention Month, which kicks off today. Over half of Albertan respondents (53 per cent) described feelings of anxiousness, stress, insecurity, feeling uncomfortable or embarrassed when it comes to their financial future. In response to the survey findings, the ASC has taken action to push Albertans to increase their financial literacy in an online campaign called, 'The F-Word', which includes a tongue-in-cheek video showing parents having "the talk" with their child.
"The campaign will lead Albertans to our newly re-launched consumer website, CheckFirst.ca, which hosts a series of Investor 101 videos as well as other free tools to learn about investing. These resources can help Albertans arm themselves against investment scams by learning key financial concepts and becoming aware of some of the red flags of investment fraud," said Trollope. "Part of the educational process is to test what you've learned. That's why, at the end of Fraud Prevention Month, we will be testing Albertans' knowledge to see what they've learned from the videos through an online, interactive game show – Fact or Fraud."
The live game show will be hosted by personal finance expert Kelley Keehn on the ASC's Facebook page on Wednesday, March 28th at 7:00 p.m. MST. For more information on 'the F word' campaign and to view some of the free investor education tools available to Albertans, visit CheckFirst.ca and the ASC's Facebook page.
The online survey was conducted through the Angus Reid Forum panel (facilitated by MARU/Matchbox). The study was in field between January 9-16, 2018, and surveyed n=481 people living in Alberta and n=1,017 people living in the rest of Canada.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
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SOURCE Alberta Securities Commission
For media inquiries, please contact: Hailey Carnegie, [email protected], 403-817-0632
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