New study shows top spending vices include restaurant meals, cigarettes,
clothing and lottery tickets
TORONTO, Nov. 12, 2013 /CNW/ - Three quarters of Canadians are ready to
tackle their spending vices, suggests new research released today. The
study, Every Dollar Counts, was conducted by Capital One Canada and Credit Canada Debt Solutions to kick off the seventh annual Credit Education Week, taking place November 12 to 15 across Canada.
The in-depth study reveals the majority of Canadians feel they have lost
control of their finances and a key problem is their inability to break
free from bad spending habits. A staggering 76 per cent of respondents
admitted that they know they spend too much money on certain items, but
have a hard time stopping the frivolous spending.
The top vices cited include going out for dinner (29 per cent), buying
cigarettes (26 per cent), going out for lunch (25 per cent), clothes
shopping (24 per cent) and buying lottery tickets (24 per cent).
"Spending vices are a form of addiction, so people really do need to
work hard to break the cycle," says Laurie Campbell, CEO of Credit Canada Debt Solutions. "Impulse purchases may seem harmless in small doses but they quickly
add up and pull you into a debt spiral."
Fewer Canadians have regrets over big ticket items, which typically
require planning and saving. Only 9 per cent believe they should have
bought a cheaper house and 15 per cent a cheaper car. Regrets vary
significantly across age groups. Canadians aged 18 to 29 are twice as
likely as those over 50 to cite spending money on drinks and dinners as
a regret (62 per cent vs. 29 per cent). Meanwhile, close to a third (28
per cent) of Canadians over 50 regret purchasing too many lottery
"Spending vices have one thing in common—immediate yet fleeting
gratification," says Brent Reynolds, VP, Marketing & Analytics, Capital
One Canada. "Planning ahead and taking control of your finances means
you can now use your money for things that will help you meet your
This year, Credit Education Week's focus is "every dollar counts." Every day Canadians are faced with an
excess of spending choices big and small; by making "every dollar
count" Canadians are empowered to take control of their
spending. Activities across Canada will be taking place throughout the
week in an effort to help improve financial literacy. Visit www.cewc.ca to learn more.
Credit Canada Debt Solutions and Capital One Canada offer the following tips to make every dollar
Keep track of your spending habits over the course of a month and
identify your spending vices
Develop a monthly budget that will help curb your bad spending habits
Find thrifty alternatives. If your spending vice is buying expensive
coffee, start making it at home
Treat yourself once a month to your spending vice - you will appreciate
it that much more
Think before you spend. Before you make an impulse purchase, consider
what else you can do with that money
About the survey
In September 2013, Credit Canada Debt Solutions and Capital One Canada commissioned a survey of 803 Canadians equally
distributed across the 4 major regions of Canada (West, Ontario, Quebec
and East) and the margin of error is +/- 3.5%, 19 times out of 20.
About Credit Canada Debt Solutions
Credit Canada Debt Solutions is a non-profit charitable service that has assisted thousands of
people with credit counselling and debt management programs since 1966.
Credit Canada Debt Solutions is a member of the Ontario Association of Credit Counselling Services
and a Charter Member of Canadian Association of Credit Counselling
About Capital One
With offices in Toronto and Montreal, Capital One has offered Canadian
consumers a range of competitive MasterCard credit cards since 1996,
and now includes the Aspire suite of rewards cards which are regularly
cited by leading rewards experts for the great value they offer
consumers. Capital One Canada is a division of Capital One Bank, a
subsidiary of Capital One Financial Corporation of McLean, Virginia
(NYSE: COF). Capital One believes in empowering Canadians to take
control of their finances through programs and resources like
Understanding-Credit.ca, Credit Education Week Canada, and the Capital One Financial Education Challenge.
SOURCE: Capital One Canada
For further information:
Media Contact :
Credit Canada Debt Solutions