Xero Survey Finds Millennial Small Business Owners in Canada Tend to Overestimate Their Financial Literacy

▤ Summary

Roughly a quarter (24%) of millennials surveyed were unaware they would need to report the total amount of pandemic aid they received on their tax returns. Faye Pang, Canada Country Manager at Xero said, “ The survey data shows a gap between perceived and actual financial literacy among millennial business owners, which means they may be leaving money on the table.” “ Meanwhile, 24% of respondents in the survey said they would rather get a root canal than organize and file their taxes. When asked how the release of COVID-19 vaccines had impacted their outlook on the future of their business, millennials felt far less hopeful, with 33% reporting unchanged feelings of pessimism. In contrast, when asked about the future outlook of their business, Generation X and Baby Boomer respondents reported unchanged feelings of optimism (at 34% and 46%, respectively). Through Xero, small business owners and their advisors have access to real-time financial data any time, anywhere and on any device.

▦ Linked Companies

Xero

$1B+