TORONTO, Jan. 22, 2013 /CNW/ - Money worries appear to be motivating
Canadians to focus on sound financial decision making in 2013,
according to a national survey conducted for the Canadian Institute of
Chartered Accountants (CICA).
The 2013 CICA Financial Priorities Survey found that 50 per cent of respondents admit to worrying about money. The
research also revealed that women are significantly more likely than
men to worry (55 per cent versus 45 per cent).
Debt reduction clearly emerged as one area where survey respondents want
to take action. Half of those surveyed said that reducing personal debt
is a high priority. Another 15 per cent described debt reduction as a
moderate priority. In addition, minimizing the interest paid on debt is
a high priority for 47 per cent of respondents. Seventeen per cent
called it a moderate priority.
Other key findings
Almost six in ten of those surveyed (59 per cent) said that purchasing
only what they can afford is a high priority.
Nearly four in ten respondents (38 per cent) said saving more is a high
priority, while 31 per cent viewed it as a moderate priority.
Slightly more than a quarter (26 per cent) stated that spending less
than they did in 2012 is a high priority. Thirty-two per cent
considered it a moderate priority.
The survey found that the age group most worried about money was 35-44.
It was followed by 25-34, 45-54,18-24, 55-64 and 65 plus.
Managing cash, credit cards and other debt are among the topics covered
in a new book from CICA titled A Canadian's Guide to Money-Smart Living. The book, officially being released today, provides valuable guidance
to help individuals become more comfortable with money matters and
strengthen their financial situations. Each chapter deals with an
essential aspect of money management and outlines easy action steps.
"We published the book for ordinary people who face every day financial
challenges," said Cairine Wilson, vice-president, member services,
CICA. "Individuals can take control of their finances and free
themselves from worry by learning a few basic but very important
concepts about money."
The book's author is Kelley Keehn, one of the country's most prominent
personal finance experts and a passionate advocate for improving the
financial literacy of Canadians. She said that money management does
not require intolerable sacrifices.
"Too much sacrifice is self-defeating because people will not stick with
their financial plan," explained Keehn. "When it comes to money
management, individuals can choose what is most important to them while
eliminating something of less importance. There are ways to stretch
your money without suffering unduly."
A Canadian's Guide to Money-Smart Living can be obtained by visiting http://www.castore.ca/moneysmartliving.
The 2013 CICA Financial Priorities Survey was conducted by Harris/Decima via telephone between December 6-9, 2012,
with a national random sample of 1,000 adult Canadians aged 18 years
and over and is considered accurate to within ± 3.1 per cent, 19 times
out of 20. A survey summary report is available online at www.cica.ca/2013financialpriorities.
Chartered Accountants (CAs) are Canada's most valued, internationally
recognized profession of leaders in senior management, advisory,
financial, tax and assurance roles. Through their integrity, expertise,
and internationally recognized qualification standards, Canada's 83,000
CAs sustain their influence and leadership position both in Canada and
globally. As trusted business advisors to Canadian organizations of
all sizes, Canada's CAs foster confidence in Canadian business and
contribute to the health and sustainability of Canada's capital markets
and economy. The Canadian Institute of Chartered Accountants (CICA)
represents Canada's CA profession both nationally and internationally.
The CICA is a founding member of the International Federation of
Accountants (IFAC) and the Global Accounting Alliance (GAA).
SOURCE: Canadian Institute of Chartered Accountants
For further information:
or to arrange an interview, contact:
Tobin Lambie, Manager, Media, CICA