$2,000 minimum is the magic number for Canadians to sleep soundly — yet just 29 percent have that much in the bank
TORONTO, April 29, 2015 /CNW/ - Financial insomnia is an affliction among Canadians, but many are finding ways to relieve the pressure through creative savings. According to a recent survey conducted by Leger for PC Financial®, 36 per cent of Canadians report that not having enough money actually keeps them awake at night. When asked what level of savings they needed to sleep comfortably, more than half (54 per cent) of those surveyed believe that between $2,000 and six-months' salary is an appropriate nest egg; however, almost a third (29 per cent) have this much in their personal savings, while 38 per cent have less than $2,000.
The top sources of financial stress
Canadians identify their top money stressors as:
- Buying and selling a home (51 per cent and 47 per cent, respectively)
- Sticking to a budget (46 per cent)
- Getting and keeping finances in order (45 per cent)
- Saving money for needs (44 per cent)
- Talking to a spouse or partner about money (35 per cent)
"While Canadians are suffering from financial insomnia, the good news is that there are things they can do to jump-start the savings that will help them sleep a little more soundly," said Rubina Ahmed-Haq, Personal Finance Expert for President's Choice Financial®. "Even small changes like switching to a no fee bank account or no annual fee credit card can go a long way to financial relaxation and health."
Canadians reveal their favourite "money hacks"
The Canadians surveyed shared their secrets to keeping personal finances under control including:
- Tracking and redeeming reward points from loyalty programs (45 per cent)
- Using a no-fee bank account (44 per cent)
- Shopping during sales season (43 per cent)
- Bundling home and car insurance for a better deal (41 per cent)
- Using Wi-Fi whenever possible to reduce data usage overages (38 per cent)
Some potential "money hacks" however, remain largely untapped by Canadians:
- Paying myself by putting a small amount in my savings account whenever I pay my bills (17 per cent)
- Shopping only at stores that offer rewards points (18 per cent)
- Using a personal cash allowance for "little extras" like lunch, coffee and treats (19 per cent)
"Collecting and redeeming rewards points is a way for smart, financially savvy Canadians to make the most of their money," added Kathy Buckworth, author, mom of four and Chief Family Advisor for President's Choice Financial®. "Programs like PC Plus™ allow shoppers to redeem their PC® points for groceries and clothing, everyday items we all need."
About the survey
The President's Choice Financial survey was completed online using Leger's online panel, Leger Web, with a representative sample of 1,578 Canadians between March 23 and 26, 2015. A probability sample of the same size would yield a margin of error of ± 2.5%, 19 times out of 20.
About President's Choice Bank
President's Choice Bank® services are a unique Bank service offering designed by Loblaw Companies Limited. The President's Choice Financial MasterCard® is provided by President's Choice Bank, while banking services are provided by the direct banking division of CIBC. For more information visit www.pcfinancial.ca or follow us on Facebook, Twitter @PCFinancial and YouTube.
About Loblaw Companies Limited (TSX: L)
Loblaw Companies Limited, a subsidiary of George Weston Limited, is Canada's largest food retailer and a leading provider of drugstore, general merchandise and Bank products and services. Loblaw is one of the largest private sector employers in Canada. With more than 1,000 corporate and franchised stores from coast to coast, Loblaw and its franchisees employ more than 134,000 full-time and part-time employees. Through its portfolio of store formats, Loblaw is committed to providing Canadians with a wide, growing and successful range of products and services to meet the everyday household demands of Canadian consumers. Loblaw is known for the quality, innovation and value of its food offering. It offers Canada's strongest control (private) label program, including the unique President's Choice®, no name® and Joe Fresh® brands. In addition, the Company makes available to consumers President's Choice Bank® services and offers the PC® points and PC Plus™ loyalty program.
SOURCE President's Choice Financial
For further information: or to schedule an interview: Michelle Reidel, President's Choice Financial, 416-204-2600 ext. 411029, 647-309-3925 (mobile), email@example.com; Natalia Banoub, Argyle Communications, 416.968.7311 ext. 254, firstname.lastname@example.org