TORONTO, April 6 /CNW/ - More than 80 per cent of first-time homebuyers
said they had confidence in their long-term financial health according
to a survey conducted by Genworth Financial Mortgage Insurance Company
Canada ("Genworth Financial Canada") and the Canadian Association of
Credit Counselling Services ("CACCS").
The poll asked over 1,500 Canadians questions about their financial
wellbeing and revealed that first-time buyers ("First-Time Buyers") who
purchased a home in the past two years, and those who intend to
purchase ("Intenders") in the next two years, are well prepared for the
financial responsibility that comes with homeownership. In the poll, 81
per cent of First-Time Buyers and Intenders said they are confident in
their financial future. Comparably, only 63 per cent of people who do
not own a home said they felt good about their long-term finances.
Financial preparation is the first step towards handling the costs of
buying a home and also instills confidence towards planning for the
future. In the poll, 62 per cent of First-Time Buyers and Intenders
said they were more likely to have a long-term financial plan for
retirement, and 69 per cent said they expect their financial situation
to improve in the next year.
Recognizing the importance of educating homebuyers, Genworth Financial
Canada will launch its second annual Homeownership Education Week
scheduled for April 11th to 15th aimed at providing advice on various financial topics related to
homeownership. Live seminars and webinars will be delivered across
Canada with CACCS and other credit and housing experts throughout the
week. Registration for these free events is taking place now and is
open to all Canadians at www.homeownership.ca.
"Owning a home gives people financial confidence and a sense of
security," said Debbie McPherson, Senior Vice-President, Sales and
Marketing of Genworth Financial Canada. "Buying a home is a major
financial purchase. It's an achievable goal for Canadians who do their
homework and plan accordingly."
The survey found that owning a home has even further financial benefits
for First-Time Buyers:
92 per cent say that homeownership may mean more work and effort but
it's worth it.
68 per cent have the goal to pay off their mortgage as fast as possible.
67 per cent enjoy planning their financial future.
"Getting your finances in order to comfortably take on homeownership for
the first time is a fulfilling milestone for many reasons," said
Henrietta Ross, Chief Executive Officer of CACCS. "Being confident
about your long-term financial health is a powerful feeling and an
extremely satisfying one as these results illustrate."
For more information about Homeownership Education Week initiatives and
to register, visit www.homeownership.ca.
A national online survey of 1,504 Canadians, including 254 First-Time
Buyers and Intenders, was conducted between January 19 and February 1,
2011 by Environics Research Group.
About Genworth Financial Canada:
Genworth Financial Canada, a subsidiary of Genworth MI Canada Inc.
(TSX:MIC), has been the leading Canadian private residential mortgage
insurer since 1995. Known as "The Homeownership Company", it provides
default mortgage insurance to Canadian residential mortgage lenders
that enables low down payment borrowers to own a home more affordably
and stay in their homes during difficult financial times. Genworth
Financial Canada combines technological and service excellence with
risk management expertise to deliver innovation to the mortgage
marketplace. As of December 31, 2010, Genworth MI Canada had $5.4
billion in total assets and $2.6 billion in shareholders' equity. Based
in Oakville, Ontario, the company employs approximately 265 people
Additional information about Genworth Financial Canada is available at www.genworth.ca.
About Canadian Association of Credit Counselling Services:
The Canadian Association of Credit Counselling Services (CACCS)
represents a Canada-wide network of accredited, not-for-profit agencies
and affiliates offering preventative education and confidential
services to clients experiencing financial difficulties. With a focus
on financial counselling education, accreditation of agencies and
certification of Financial Counsellors, CACCS is also committed to
national research and policy initiatives concerning personal finance
and industry advocacy.
To find a certified Credit Counsellor and qualified Financial Coach at
an accredited Member Agency, call the CACCS central referral service at
1-800-263-0260 or visit www.caccs.ca for more information.
SOURCE Genworth Financial Canada
For further information:
For additional information or to arrange interviews, please contact:
Genworth Financial Canada
Strategic Marketing Leader
905.287.5394 or Anita.DiPaoloBooth@genworth.com