Canadian Financial Trivia Quiz

Explanation
The average Canadian income in 2019 was $59,900. This means that if you were to calculate the total income of all Canadians in 2019 and divide it by the number of Canadians, the result would be $59,900.

Explanation
49% of Canadians budget. This means that almost half of the Canadian population actively plans and manages their finances by creating a budget. Budgeting is a crucial financial practice that helps individuals and households track their income and expenses, prioritize their spending, and save for future goals. The fact that 49% of Canadians engage in budgeting suggests that a significant portion of the population recognizes the importance of financial planning and strives to achieve financial stability and success.

Explanation
The average Canadian mortgage is $200,000. This means that, on average, Canadians borrow $200,000 to finance their homes. It is important to note that this is an average figure and individual mortgage amounts may vary depending on factors such as location, property value, and personal financial situations.

Explanation
Canadians may use the excuse of not having enough time or finding budgeting boring because they prioritize other activities over managing their finances. They may also feel overwhelmed by the task of managing money, as it requires careful planning and decision-making. Additionally, some Canadians may not feel responsible for managing financial matters in their household or prefer to avoid dealing with them altogether. This could be due to a lack of interest or confidence in handling financial matters.

Explanation
The correct answer is 49%. This means that almost half of Canadians aged 18-24 have student loan debt. This statistic highlights the significant financial burden that many young Canadians face as they pursue higher education. It also suggests that student loan debt is a prevalent issue in the country, impacting a large portion of the younger population.

Explanation
Canadians who budget consistently are more likely to pay down their debts and mortgages quicker because budgeting helps individuals track their expenses, prioritize their spending, and allocate funds towards debt repayment. By having a clear understanding of their financial situation and setting aside money specifically for debt repayment, individuals can make regular payments and reduce their debts faster. This financial discipline and control enable them to allocate more resources towards paying off their mortgages and other outstanding debts, leading to quicker debt reduction.