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18/08/2011 -
College students in Canada may be more responsible with credit cards than many may have thought, as a new survey by BMO Bank of Montreal finds young Canadians are paying off their debts on a timely basis and are confident in their use of credit.The 2011 Student Summer Survey found nearly two-thirds of post-secondary students in the country use credit cards. Debit and credit are also the most preferred payment methods among students. Perhaps more surprising is the number of students - 73 percent - who pay off their full credit card debts each month.
"People presume students aren't financially literate or ready to manage a credit card responsibly, but students are telling us otherwise," said Su McVey, vice president of customer communications and marketing at BMO. "Armed with the right card, conservative credit limits and relevant information and advice, students do exercise an appropriate degree of prudence."
Most students cited clothing as the top item purchased through credit, followed by daily expenses and entertainment.
The study may also speak to Canada's relatively strong emergence from the global recession, as the country is still the only G7 nation to have regained its losses stemming from the downturn.
