How Financially Literate Are You Really?

Discover your current level of investment knowledge with this quick assessment. In just 4 questions, you'll find out if you're making the most of your Canadian investment opportunities—or if you're missing out on thousands in potential wealth. Get your personalized score and learn exactly what you need to focus on next.

When it comes to your current investments, how well can you explain why you own each one and what role it plays in your overall strategy?

I'm not really sure—I just own what my advisor recommended or what seemed like a good idea at the time I have a general idea, but I struggle to explain it clearly to someone else I can explain most of my investments, though I'm fuzzy on some details I can clearly articulate why I own each investment and how it fits my plan

How actively do you use Canadian tax-advantaged accounts like TFSAs and RRSPs to optimize your returns?

I'm not sure how to use these accounts strategically—I just put money in when I remember I contribute to them, but I'm not sure if I'm maximizing the tax benefits I understand the basics and contribute regularly, but I haven't optimized my strategy I have a clear strategy for maximizing both TFSA and RRSP benefits based on my situation

When markets drop significantly, how do you typically respond?

I panic and consider selling to protect what I have left I feel anxious and want to do something, but I usually hold tight I stay relatively calm because I understand market cycles, though I second-guess myself I stay the course confidently because my portfolio is designed to handle volatility

How aware are you of the fees and MERs (Management Expense Ratios) you're paying on your investments?

I don't really know what I'm paying or why it matters I know I pay fees, but I haven't looked closely at the exact amounts I know my approximate fees and understand they affect my returns I track my fees closely and have specifically chosen low-cost investments