Financial Capability and Essential Skills: an Exploratory Analysis - SRDC

Financial Capability and Essential Skills: an Exploratory Analysis

Authors:Sophie HébertDavid Gyarmati

The Social Research and Demonstration Corporation (SRDC) has partnered with the Financial Consumer Agency of Canada (FCAC) to take advantage of a unique research opportunity to explore the linkage between literacy and Essential Skills (LES) and financial capability.

The relationship between literacy and financial capability is currently not well understood. Indeed, the Task Force on Financial Literacy in 20101 identified a number of critical research gaps in the area of literacy and financial capability.

Among its recommendations, the report suggests further research on the link between financial literacy, basic literacy skills and numeracy; further assessment of the socio-demographic differences in financial norms and behaviours; and to explore financial literacy within the broader concept of well-being measurement. 2 This paper contributes to each of these objectives by exploring the relationship between financial capability, literacy, and a series of rich indicators of socio-demographics, psychosocial outcomes and well-being.

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