Stats show young Canadians are interested in and looking for information
to improve money management skills
TORONTO, Nov. 14, 2013 /CNW/ - A recent study from MasterCard Canada
found that Canadian youth are more likely than their older counterparts
to have a budget. In fact, 40 per cent of young adults aged 18 - 34
currently have a budget but only 33 per cent of those aged 35 - 65 have
one in place. What's more, young adults are eager to improve their
money management skills with one third of respondents noting the need
for additional budgeting tools. To address these needs, MasterCard
Canada is encouraging all Canadians to visit Priceless Pointers to learn more about how to save well and spend wisely.
The educational site offers great budgeting tools like Purchase Power, which can be downloaded or used directly on the site to assist users
in determining how much money they have available for spending and how
much they need to set aside. Other popular tools include the Payoff Accelerator, which helps users create a payment plan for paying off credit card and
fixed loan debt or the Savings Target to develop a realistic savings plan based on future goals. Both tools
also allow for users to make adjustments to their plans as they get
closer to their goals in order to ensure they are using the money to
its fullest potential. Canadians can also visit Master Your Card to learn more about the benefits of electronic payments.
"Canadians care about financial responsibility and they want to have
tools to keep them on track. This is important to us as well and that's
why we have a number of smart budgeting tools available," said Sasha
Krstic, Group Head, Global Products and Solutions, MasterCard Canada.
"We love that young adults understand the need to budget. We'll
continue to educate all Canadians so they understand how to use our
products and services responsibly."
Another important aspect of money management is understanding the
various forms of credit available and determining which type is best
for one's individual needs, income levels, insurance requirements and
loyalty program preferences. For tips and suggestions on how to
navigate through the options, MasterCard encourages consumers to visit
their tips for selecting a card.
The MasterCard InControl Study was completed on-line between August 27th
and September 24th, 2013 using Leger Marketing's online panel,
LegerWeb, with a sample of 2,000 Canadians 18 years of age or older. A
probability sample of the same size would yield a margin of error of
+/- 2.2%, 19 times out of 20. Leger Marketing's online panel has
approximately 460,000 members nationally - with between 10,000 and
20,000 new members added each month, and has a retention rate of 90%.
Panel members are randomly selected to receive email invitations to the
MasterCard NYSE: MA, www.mastercard.com, is a technology company in the global payments industry. We operate the
world's fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in more
than 210 countries and territories. MasterCard's products and solutions
make everyday commerce activities - such as shopping, traveling,
running a business and managing finances - easier, more secure and more
efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
SOURCE: MasterCard Canada
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