Canadians have been left wanting for help understanding their personal finances, according to the decond annual BMO Financial Literacy Poll.

The poll, conducted by Pollara, measured how Canadians grade the performance of financial literacy stakeholders for providing financial guidance and advice.

It found:

  • 34% believe the education system does a good job providing advice about personal finances;
  • 78% believe financial institutions do a good job providing financial advice;
  • 38% believe governments do a good job providing financial advice; and
  • 41% believe media does a good job in this area.

“The numbers clearly show a need to increase our efforts and improve upon the way major stakeholders, including financial institutions, approach helping Canadians heighten their understanding and overall capabilities in the area of personal finance,” says Jacques Ménard, chairman of BMO Nesbitt Burns and Financial Literacy Task Force vice chairman.

“Financial literacy is critical to the financial well-being of families, as well as the overall economy, and should continue to be a focus for all involved.”

The survey results cited in the poll conducted by Pollara are compiled from a random sample of 1,000 Canadians 18 years of age and over between Nov. 6 8, 2012. A probability sample of this size would yield results accurate to ± 3.1%, 19 times out of 20.