New data shows that Canadians are investing less money this season as a result of money being tight and apparently for having a lack of basic financial literacy skills. A survey, conducted by Angus Reid for Tangerine Bank, showed that only three per cent of Canadians could identify the meaning of six common acronyms used in banks.This includes, TFSA (Tax-Free Savings Account), RSP (Retirement Savings Plan), GIC (Guaranteed Investment Certificates), ETF (Exchange-Traded Fund), ESG (Environmental, Social and Governance) and ROI (Return on investment).

Source: https://nowtoronto.com/lifestyle/survey-says-only-3-per-cent-of-canadians-could-break-down-common-banking-acronyms/