While the global recession hasn't hit Canada as hard as it has the United States and Europe, it is still a financial wake-up call for many citizens of the True North. Credit scores, savings and student loan debt are hot topics among Canadians, but you might not know how your financial status compares to that of your fellow citizens. Take this quiz to find out how you measure up against other Canadians and learn the facts behind the statistics. (For more, see Canada's Commodity Currency: Oil And The Loonie.)
IN PICTURES: 20 Lazy Ways To Save Money

1. What is your employment status?

A) Full-time
B) Part-time
C) Self-employed

If you chose A, your employment status is the same as 92% of workers that participated in a Canadian Payroll Association survey. Only 5% of workers report being employed part-time and less than 1% are self-employed. The unemployment rate in Canada is 8%.

2) How much of your income do you save?

A) 15% or more
B) Between 1-5%
C) Between 6-10%

If you chose B, you are saving just as much as the average Canadian. Of Canadians polled, 47% save between 1-5% of their paycheck. Twenty-five percent of Canadians are putting away 6-10% of their earnings, while 18% of Canada's working-class citizens are saving 15% or more each pay day. The economic uncertainty has convinced 60% of Canadians that they need to save more than they were a year ago.

3) What is your credit score?

A) Higher than 300
B) Lower than 500
C) Higher than 700

If you chose C, then your credit score is in the same range as most Canadians. The national average is 720. Credit scores in Canada range from 300 to 900.

IN PICTURES: 5 Keys To Unlocking A Better Credit Score

4) What is your household debt load?

A) Less than $30,000
B) Less than $50,000
C) More than $90,000

If you chose C, you have the same debt load as many Canadians. In 2009, the debt to income ratio was the highest it has ever been at 145%. The average Canadian household has about $96,000 of debt. Nearly 60% of Canadians say they would be squeezed if they missed just one week of pay.

5) How much student loan debt do you have?

A) Less than $15,000
B) More than $15,000
C) More than $25,000

It you chose A or C, you are paying the same amount as the average Canadian who pursued post-secondary education. According to the Canadian Council On Learning, the average debt load of university graduates in 2009 was $26,680. College students graduated with an average of $13,600 in student debt. (To learn more, see Should You Consolidate Your Student Loans.)

6) On what do you spend most of your post-tax income?

A) Shelter
B) Food
C) Transportation

If you chose A, your expenditures match those of the average Canadian. Canadians spend an average of 20% of their income on shelter and related expenses. Transportation takes up 14% of the annual budget while Canadians eat away 10% of their income on food.

7) How many credit cards do you have?

A) 3
B) 2
C) 1

If you chose A, your stack of credit cards is the same size as the average Canadian, with 3.1. According to Stats Can, there are 74 million credit cards in circulation in Canada. Half of Canadian credit card holders do not pay their monthly balance. (For more, check out 6 Major Credit Card Mistakes.)

8) What is your annual household income?

A) More than $40,000
B) More than $50,000
C) More than $60,000

If you chose C, you are earning as much as the average Canadian household. Families of two or more earn a median after-tax income of $63,900. Incomes are highest in Alberta with the post-tax median at $77,200 (as of 2008).

The Bottom Line
The knowledge of where you rank with other Canadians can serve as a guide to your financial strengths and weaknesses. (Interested in how you stack up against your neighbors to the south? Check out The Average American Finance Quiz.)

For the latest financial news, check out Water Cooler Finance: The Post-Stimulus Slump.

Related Articles
  1. Insurance

    5 Ways to Lower Life Insurance Premiums

    Learn several effective methods for lowering life insurance premiums. These include quitting smoking and considering term life insurance.
  2. Budgeting

    The 7 Best Ways to Get Out of Debt

    Obtain information on how to put together and execute a plan to get out of debt, including the various steps and methods people use to become debt-free.
  3. Credit & Loans

    Don't Get Burned by High Credit Card Rates

    The average card charges 11.8%, and some rates top 20%. Experts warn that credit card interest may remain steep.
  4. Credit & Loans

    Refinance Vs. Debt Restructuring: What's Best For Your Credit Score?

    Discover key differences between refinancing and restructuring debt in regard to terms, the negotiation process and effect on credit scores.
  5. Credit & Loans

    Guidelines for FHA Reverse Mortgages

    FHA guidelines protect borrowers from major mistakes, prevent lenders from taking advantage of borrowers and encourage lenders to offer reverse mortgages.
  6. Personal Finance

    Does It Make Sense to Go to College in Europe?

    If you're deciding whether to get a degree abroad, first do your research and talk to alumni who have completed the same program.
  7. Savings

    How Volatile Exchange Rates Affect Your Vacation

    Those ever-changing fluctuations can make a difference in anything from your hotel room to an ATM transaction.
  8. Credit & Loans

    Can Corporate Credit Cards Affect Your Credit?

    Corporate cards have a hidden downside. If the company fails to pay its bills, you could be liable for the amount and end up with a damaged credit rating.
  9. Credit & Loans

    Millennials Guide: Picking the Best Rewards Cards

    There are perks a-plenty on offer, but you have to find the right plastic for your lifestyle.
  10. Home & Auto

    4 Areas to Consider Roofing Material Types

    Roofing your home is very important, that’s why you should choose a roof specifically designed to handle your area’s climate.
  1. Cost Accounting

    A type of accounting process that aims to capture a company's ...
  2. Credit Rating

    An assessment of the credit worthiness of a borrower in general ...
  3. Internal Rate Of Return - IRR

    A metric used in capital budgeting measuring the profitability ...
  4. Transferable Points Programs

    With transferable points programs, customers earn points by using ...
  5. Luhn Algorithm

    An algorithm used to validate a credit card number.
  6. Roll Rate

    The percentage of credit card users who become increasingly delinquent ...
  1. Why would someone change their Social Security number?

    In general, the Social Security Administration, or SSA, does not encourage citizens to change their Social Security numbers, ... Read Full Answer >>
  2. Can my IRA be used for college tuition?

    You can use your IRA to pay for college tuition even before you reach retirement age. In fact, your retirement savings can ... Read Full Answer >>
  3. How does a bank determine what my discretionary income is when making a loan decision?

    Discretionary income is the money left over from your gross income each month after taking out taxes and paying for necessities. ... Read Full Answer >>
  4. What is the range of deductibles offered with various health insurance plans?

    A wide range of possible deductibles are available with health insurance plans, starting as low as a few hundred dollars ... Read Full Answer >>
  5. How do I know how much of my income should be discretionary?

    While there is no hard rule for how much of a person's income should be discretionary, Inc. magazine points out that it would ... Read Full Answer >>
  6. What proportion of my income should I put into my demand deposit account?

    Generally speaking, aim to keep between two months and six months worth of your fixed expenses in your demand deposit accounts. ... Read Full Answer >>

You May Also Like

Trading Center

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!