Financial Capability and Essential Skills: An exploratory analysis
This paper explores the relationship between financial capability, literacy, and a series of rich indicators of socio-demographics, psychosocial outcomes and well-being. The analysis conducted in this report builds on an existing large scale research project, UPSKILL, a pan-Canadian research and demonstration project, commissioned by the Office of Literacy and Essential Skills (OLES) a branch within Employment and Social Development Canada (ESDC). One of the key findings of the first analysis is that the majority of the variance of the financial capability measures included in this study is attributed to socio-demographic and psychosocial characteristics. Age (over 35 years of age) was positively related with all three domains of financial capability. The psychosocial characteristics resilience, motivation, self-efficacy and life-satisfaction were all positively related with making ends meet and keeping track.