To mark Financial Literacy Month, the British Columbia Securities Commission (BCSC) has unveiled an interactive tool to help people recognize whether they are an investor, a saver, or both.
Why We Created the Investor vs. Saver Quiz
The Investor vs. Saver Quiz stems from a survey commissioned by the BCSC that found that most Canadians don’t think of themselves as investors, even when they have investments. Less than one-third (30 per cent) of Canadians think the term “investor” describes them well. Even among the two-thirds of Canadians who have an investment, only 40 per cent identify as investors.
The survey defines investors as having money in any type of account or product that has the potential to earn more than the interest a traditional savings account provides. Savers are defined as those who only have a savings account.
It’s Important to Understand Your Money Habits
Determining whether you are an investor or a saver is important when it comes to managing financial goals. People who identify as investors are more likely to:
- understand the risks and benefits of their investments
- have an understanding of the fees and charges associated with their investments, and
- be on track to meet their investment goals
The quiz was created with the objective of empowering investors to protect their financial interests and become better informed about investment products and services. The BCSC provides trustworthy and unbiased investing information through its investor education website, InvestRight.org.
The online survey was conducted by Innovative Research Group among a representative sample of Canadian and B.C. respondents in December 2018. A total of 2,915 Canadians aged 18 and over completed the survey, which included an oversample of 1,407 British Columbians. The results are weighted to a representative sample of 1,500 at the national level, and the B.C. oversample is weighted to a representative sample of 1,000. Weighting is based on age, gender and region using the latest available Census data to reflect actual demographic composition of the population. Complete methodology and results are available in the highlights report.