Nine out of 10 respondents admit to needless spending
LÉVIS, QC, Nov. 8, 2013 /CNW Telbec/ - According to the latest survey
conducted by SOM, Canadians are seriously lacking on the savings front.
Over 3,300 internet users across the country were polled for this
survey funded by Desjardins Group in an effort to gather information
for the Desjardins Personal Finance Index.
A survey showed that Canadians' personal finance knowledge and habits
have changed very little over the past two years. Therefore, questions
regarding their savings habits were added to the 2013 personal finance
Here are some telling results:
60% of respondents think they are not saving enough.
94% admit to spending needlessly.
47% do not have an emergency fund that could cover their expenses for
more than three months.
50% of respondents nearing retirement (between 55 and 64 years old)
admit that they do not have a retirement plan.
31% know very little or nothing about the savings products offered by
their financial institution.
"These results are cause for concern. They show that we need to double
our efforts to encourage Canadians to save more to prepare for
unexpected circumstances, achieve their goals and ensure a comfortable
retirement," said Michel Verreault, Vice-President of Marketing and
Sales Support for Desjardins Group. "We need to create savings products
that meet consumer needs and really showcase them to attract as many
Canadians as possible. We also need to increase people's knowledge of
Since November is Financial Literacy Month, Desjardins urges individuals to learn more about personal finance, and
sound financial habits on its online self-evaluation tool, accessible
Developing personal finance knowledge, slowly but surely
The Desjardins Personal Finance Index allows its users to assess their
aptitude for personal finance management by covering two basic
elements: habits and knowledge. Since its inception in 2011, the index
has been updated every year to allow users to monitor their progress.
Results for 2013 do not show a significant change from 2012 and 2011,
which reinforces the survey's findings that Canadians' knowledge of
personal finance management has remained unchanged over the past two
The survey was held between June 4 and 14, 2013, and a total of 3,394
adult Internet users across Canada were polled (1,564 in Quebec, 887 in
Ontario and 943 spread across the rest of the country).
About Desjardins Group
Desjardins Group is the fifth largest cooperative financial group in the world with
assets close to $205 billion. To meet the diverse needs of its members
and clients, Desjardins offers a full range of products and services
through its extensive distribution network, online platforms and
subsidiaries across Canada. The group has one of the highest capital
ratios and credit ratings in the industry, and outranks all American banks as the fourth safest
and strongest bank in North America according to Global Finance magazine and Bloomberg News respectively. In keeping with their cooperative nature, Desjardins Caisses' surplus
earnings are reinvested into the communities they serve.
SOURCE: Desjardins Group
For further information:
Advisor, Media Relations
514-281-7000 or 1-866-866-7000, ext. 7544