Quebeckers Least Likely to let Financial Stress Impact Romance

Survey by Credit Canada and Capital One Canada finds Quebeckers most concerned about inability to support aging parents

MONTREAL, Nov. 10, 2011 /CNW/ - A new survey commissioned by Credit Canada and Capital One Canada as part of Credit Education Week found that while 71% of Quebeckers in the Sandwich Generation - the highest in Canada - are concerned they won't be able to properly provide financial support to their aging parents, 55%, also the highest in the country, have not talked to their aging parents about their ability to support themselves in the future.  More than half (53%) are worried about having to increase their financial burden, and for those Quebeckers who currently do provide financial support to their aging parents, 3 in 10 (29%) provide more than $500 per month.

Compared to the rest of Canada, Quebeckers in the Sandwich Generation are the least likely to say that feeling the financial pinch has impacted the romance in their relationship at 43%, which is significantly lower than their neighbours in Ontario who are the most likely (56%) to let financial stress affect the romance in their lives.

"It is apparent that these Quebeckers are really feeling the pressure and its affecting many different parts of their lives," said Laurie Campbell, Executive Director, Credit Canada.  "What this tells us is too many Quebeckers aren't talking to their parents about whether or not they have enough savings to last them through retirement.  The end result is those in the Sandwich Generation are facing unexpected costs when they should be saving for their kids' education and their own retirement."

The survey asked Quebeckers in the Sandwich Generation about the types of sacrifices they have been forced to make in order to support both their dependent children and aging parents:

  • 40% are concerned they will not be able to pay for their children's education
  • 22% are eating out less
  • 20% are using up their savings

"Our survey found that two-thirds of people in this group indicate that they've had to borrow more in order to financially support their children and aging parents," said Pascal Bricault, Head of Quebec Marketing for Capital One.  "We encourage anyone who finds themselves in this situation to consult with an expert to ensure they're managing their own finances in a responsible way.  Opening up these lines of communication is one of the main goals of Credit Education Week, and why we've been a sponsor for the past five years."

In 2007, Credit Canada and Capital One Canada teamed up to create the first Credit Education Week Canada, with the objective to raise public awareness and educate Canadians about the many issues and challenges they face managing their finances, spending and savings.  Now in its fifth year, Credit Education Week will be looking at the Sandwich Generation and the unique financial pressures they face. From November 14-18, over one hundred events and financial literacy workshops at YMCAs and community centres right across the country will occur under the Credit Education Week banner thanks to the support and funding of all sponsors.

Credit Canada and Capital One Canada provide the following tips for the Sandwich Generation:

  • Talk to someone - visit your local credit counseling agency or a financial advisor to find out your options
  • Save for a rainy day - Life takes unexpected twists, so putting aside some emergency savings could keep you out of trouble
  • Stay within your budget - Avoid dipping into your savings because you never know when a family member might need a helping hand
  • Plan early - Start saving for retirement as soon as you can, and if you have kids, start an RESP for them when they're young
  • Teach your kids - Encourage your kids to get part-times jobs to help pay for their education.  They'll learn about savings, budgeting and the value of hard work
  • Educate yourself - There are government and community programs available to help you and your family with your new financial responsibilities

About the survey
In September 2011, Credit Canada and Capital One Canada commissioned a survey of 830 Canadians in the Sandwich Generation to gain insight into their financial challenges and situations. The survey respondents were equally distributed across the 4 major regions of Canada (West, Ontario, Quebec and East) and the margin of error is +/- 3.4%, 19 times out of 20.

About Credit Canada
Credit Canada is a non-profit charitable service that has assisted thousands of people with credit counseling and debt management programs since 1966. Credit Canada is a member of the Ontario Association of Credit Counseling Services and a Charter Member of Canadian Association of Credit Counseling Services.

About Capital One
With offices in Toronto and Montreal, Capital One has offered Canadian consumers a range of competitive MasterCard credit cards since 1996, when the company first introduced the Platinum MasterCard in Canada. Capital One Canada is a division of Capital One Bank, a subsidiary of Capital One Financial Corporation of McLean, Virginia (NYSE: COF). Capital One supports the responsible use of credit by integrating financial education into its products, and providing Canadians with the interactive website Understanding-Credit.ca


SOURCE Capital One Services, Inc.

For further information:

Media Contacts: Laurie Campbell, Credit Canada
 416-228-2526
lcampbell@creditcanada.com

Laurel Ostfield, Capital One
416-549-2753
laurel.ostfield@capitalone.com

Profil de l'entreprise

Capital One Services, Inc.

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