It’s no secret that the financial literacy of Canadians is tenuous at best, but given the fact that households are carrying $1.6 trillion worth of residential mortgage debt, we should be particularly nervous about just how yawning the knowledge gaps are when it comes to the basics of a mortgage.
Canadians have an even shakier grasp on what “amortization” means — while just over one quarter of the general population could offer a proper definition of the word, they also said things in their answers that made it clear they didn’t fully know what they were talking about. “The responses indicate that there is a significant lack of knowledge about mortgage terms among both the general population and the target audience,” wrote the authors of the survey. The survey, which was published was conducted by Ipsos Public Affairs and involved interviews with 5,000 Canadians between May and June 2019.
do a study on the corruption in the cmhc
But hey they teach the 600 pronouns