Financial Literacy Remains Issue

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    When it comes to finance, most Canadian small businesses know they need help, says a survey by Intuit Canada. It indicates that 83 per cent of Canadian small businesses face a serious financial literacy skills gap. In a 10-question quiz involving entrepreneurs, two per cent scored ‘great., 16 per cent ‘good,, 39 per cent ‘basic,’ and 44 per cent scored ‘below basic,’ which reveals both a serious skills gap and a lack of access to the tools and resources that can help, says Jeff Cates, managing director of Intuit Canada. Fifty per cent of respondents also understand that financial management is important. Canadian small business owners know what needs to be done to start closing the knowledge and skills gap as 42 per cent said they wanted to spend more time with an accountant, 24 per cent indicated they would benefit from information sessions with other small business owners, and 22 per cent said they would benefit from online tutorials.