Almost half of Canadians unsure what a mortgage deposit is

Many Canadians have a pretty good grasp of key financial terms but a new survey highlights some big knowledge gaps.

For example when asked what a mortgage deposit is, 22% of respondents to the Angus Reid study were not at all confident that they understand the term and a further 26% were not very confident.

Most people were confident with the term fixed mortgage (44% very, 34% fairly) and there was strong understanding for terms including savings account, RRSP and TFSA.

The survey shows that male respondents and those ages 55 and older are consistently more likely than women and younger respondents to say they are confident in their understanding of the financial terms on the list.

Wealthier Canadians are also more confident in their financial knowledge, especially as they are more likely to invest.

Source: https://www.canadianrealestatemagazine.ca/market-update/almost-half-of-canadians-unsure-what-a-mortgage-deposit-is-237750.aspx