Despite 68 per cent of Canadians living on a budget, half feel they've
lost control of personal finances
TORONTO, Oct. 30, 2013 /CNW/ - When it comes to taking control of your
relationship with money, Canadians may want to start with other
important relationships - your family and friends. The new consumer
trends survey Every Dollar Counts, conducted by Credit Canada Debt Solutions and Capital One Canada for
Financial Literacy Month, found Canadians' spending habits are heavily
influenced by the people around them and it's hurting their ability to
reach their personal financial goals.
Peer pressure can wreak havoc on budgeting, with 44 per cent of
Canadians saying friends press them to spend more than they can afford
when going out. After the bill arrives, 22 per cent say they typically
end up paying more than their fair share, while 6 per cent admit they
regularly do not contribute enough.
According to the study, it's acceptable to avoid social situations that
can put you in an awkward financial position without any social
stigma. An overwhelming majority of Canadians (92 per cent) say there
are acceptable excuses to be cheap, led by paying off debt (77 per
cent), saving for a home (55 per cent) and saving for a child's
education (50 per cent).
"As we celebrate the start of Financial Literacy Month, the lesson is
clear - getting your personal finances in order is a group effort,"
says Laurie Campbell, CEO of Credit Canada Debt Solutions. "Family and
friends need to fully understand your objectives so that they can help
you achieve your financial goals. There is no shame in taking control
of your money."
The most acceptable areas to cut back spending include groceries (82 per
cent), going out with friends (81 per cent), buying gifts (71 per cent)
and planning your wedding (70 per cent). Interestingly, 76 per cent of
women are willing to cut back on wedding plans compared with 63 per
cent of men.
Family also plays a major role in determining if Canadians can stay on
top of their spending and transparent communication is definitely key.
Although 82 per cent of Canadians in relationships say they speak
openly and honestly with their partners about money, one-third say
their other half's spending habits have hurt them in achieving
"We're always listening to consumers to find out what we can do to help
people stay in control of their money," says Rob Livingston, President,
Capital One Canada. "These insights into Canadians' spending habits
prove nothing beats having a strong network of family and friends for
support to stay on track."
Credit Canada Debt Solutions and Capital One Canada offer the following
tips for financial success:
Share your financial goals with family and friends so they can help you
stay on track
Write your financial goals down and keep a log of your progress
Reward yourself when you make smart financial decisions that will help
you reach your goal
Identify your personal money vices and develop a budget that will help
you cut back
Organize plans with friends that don't involve spending money
Shop smart and look for ways to make every dollar count
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 counseling and debt management
programs since 1966. Credit Canada is a member of the Ontario
Association of Credit Counseling Services and a Charter Member of
Canadian Association of Credit Counseling Services.
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:
Credit Canada Debt Solutions