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Quebecers have a better financial vigilance in auto insurance, says the Authority

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1 October 2018 13:30

Quebecers have increased their financial vigilance towards the car insurance, retirement planning and credit management, reveals the survey Index Authority of financial vigilance 2018 theAuthority of the financial markets. The index for each of these areas is located to 74.1 %, 54,5 % and 70.8 %, respectively. The overall index falls to 60.6 %, in “stability statistics” compared to the results of 2014 (60.1 per cent) and 2016 (to 61.2 %).

The Index Authority measure “the perception of the usefulness and adoption rates of a set of 40 financial behaviour” from different categories, including the management of personal finances, insurance, investment, and the relationship with a representative, the retirement planning and the management of fraud.

 

“According to its mission plan and strategy 2017-2020, the financial markets Authority gives a great importance to the financial education of Quebecers, particularly on the part of clients most vulnerable young people and the elders,” says Louis Morisset, president and general manager of the Authority.

 

Decrease of vigilance in home insurance

The results reveal that the financial vigilance has, however, declined home insurance between 2012 and 2018, from 74.6 % to 70.8 %.

In addition, the index reveals that less than 50 % of investors say they read the information supplied with their investments. In addition, only 16 % of the participants claim to be able to recognize the three main signs of a possible attempt of fraud.

“These results confirms the need for us to continue our work of awareness raising to encourage consumers to adopt behaviours that are financial savvy consumer of financial products and services,” said Mr Morisset.

The Authority explains that the main factors which have had a significant impact on the Index Authority is the holding of products and the use of financial services, age, educational level, annual income and the fact of being in a business relationship with a representative. The survey, conducted by the firm Léger for the account of the Authority, has questioned 1 503 persons responsible for the management of the finances in their household.

tion of a set of 40 financial behaviour ” from different categories, including the management of personal finances, insurance, investment, and the relationship with a representative, the retirement planning and the management of fraud.

 

“According to its mission plan and strategy 2017-2020, the financial markets Authority gives a great importance to the financial education of Quebecers, particularly on the part of clients most vulnerable young people and seniors,” says Louis Morisset, president and general manager of the Authority.

 

Decrease of vigilance in home insurance

The results reveal that the financial vigilance has, however, declined home insurance between 2012 and 2018, from 74.6% to 70.8%.

In addition, the index reveals that less than 50% of investors say they read the information supplied with their investments. In addition, only 16% of the participants claim to be able to recognize the three main signs of a possible attempt of fraud.

“These results confirms the need for us to continue our work of awareness raising to encourage consumers to adopt behaviours that are financial savvy consumer of financial products and services,” said Mr Morisset.

The Authority explains that the main factors which have had a significant impact on the Index Authority is the holding of products and the use of financial services, age, educational level, annual income and the fact of being in a business relationship with a representative. The survey, conducted by the firm Léger for the account of the Authority, has questioned 1 503 persons responsible for the management of the finances in their household.

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