“All The Boys and Girls of Today Are The Men and Women of Tomorrow ” – Jimmy Cliff
North American Stocks Flat
North American stock markets were relatively flat Friday, while the price of oil rebounded after dropping nearly US$2.50 a barrel the day before. The S&P/TSX composite index inched forward 6.20 points to 15,416.93 as the gold sector led the way. The June gold contract soared US$11.70 to US$1,268.10 an ounce, while the S&P/TSX global gold index gained 0.74%. “We’re still seeing the U.S. dollar sub-performing and I think that’s giving gold some support,” said Andrew Pyle, a senior wealth adviser at Scotia Wealth Management. The U.S. dollar’s lacklustre performance comes in part from doubts about whether the U.S. Federal Reserve will raise rates at its June meeting, as well as economic conditions not showing enough acceleration, he said.
Meanwhile, the July crude oil contract rose US90¢ to US$49.80 per barrel, helping the energy sector in Toronto gain 0.39%. The increase came a day after investors showed disappointment over OPEC’s decision to extend production cuts by nine months. Some had hoped for deeper and longer cuts.
In New York, the Dow Jones industrial average shed 2.67 points to 21,080.28. The S&P 500 index gained a meagre three-quarters of a point to a record-high 2,415.82, while the Nasdaq composite index rose 4.93 points to a record-high 6,210.19. The U.S. markets will be closed Monday for the Memorial Day holiday. The Canadian dollar fell 0.01 of a U.S. cent to an average price of US74.32¢.
Canadian Youth Rank 2nd In Financial Literacy
Canadian youth surpass their global peers when it comes to financial literacy. A survey from the Organization for Economic Co-operation and Development (OECD) finds that 87% of Canadian students perform at or above a baseline level of proficiency in financial literacy. That compares to about 78% of students in the other OECD countries. Overall, Canada ranked second — tied with Belgium — out of 15 countries. China scooped the number-one spot.
About 22% of Canadian students surveyed are top performers in financial literacy — proficient at the survey’s highest level. These students can analyze complex financial products, solve non-routine financial problems and show an understanding of the wider financial landscape. A sample question asked students to identify and respond appropriately to a financial scam email message.
In the other OECD countries, only 12% of students are top performers. China was the exception, with 33% of students being top performers. On average, students with a bank account have higher financial literacy than students without accounts. More than three-quarters of 15-year-old Canadian students (78%) have bank accounts. That’s significantly higher that the OECD average of 56%. Four out of five Canadian students said that if they didn’t have enough money to buy something they really wanted, they would either save up to buy it or would forgo. About 52% of Canadian students report that they save each week or month.
In 2015, close to 48,000 students from 15 countries and economies took part in the financial literacy assessment. In Canada, approximately 3,400 15-year-olds from seven provinces (Newfoundland and Labrador, Prince Edward Island, Nova Scotia, New Brunswick, Ontario, Manitoba and British Columbia) participated. worse when they were highly confident of their performance.”
Sources: Bloomberg; Investment Executive; advisor.ca; OECD