Feeling the pinch: 80% of self-employed Canadians sacrifice personal and financial well-being for business

    Women entrepreneurs say they have made the biggest tradeoffs and have
    more difficulty securing personal financing, new survey reveals

    TORONTO, Oct. 10 /CNW/ - A new survey reveals that 80 per cent of
self-employed Canadians feel they have made a personal or financial trade-off
to keep their business running, from sacrificing retirement savings (57 per
cent) to delaying real estate purchases (43 per cent).
    In addition, almost half of female respondents (44 per cent) state they
have had difficulty obtaining personal financing because they are
self-employed, compared to only 30 per cent of men.
    "The self-employed are a critical segment of the Canadian workforce, so
it is unfortunate that they've had to make substantial personal and financial
trade-offs in order to run their businesses," said John Schipper, President,
Mortgage Intelligence. "The good news is that there are ways to make it easier
for the self-employed to reclaim some of the trade-offs they've had to make,
like home or vacation property ownership."
    The national survey, conducted by Harris/Decima for Mortgage
Intelligence, one of the largest mortgage brokerages in Canada, asked Canadian
entrepreneurs with 1 to 100 employees about the unique personal challenges
they face being self-employed.

    Trade-offs a fact of life for self-employed

    Self-employed Canadians make significant trade-offs that impact both their
financial and personal health to keep their businesses running:
    -  51 per cent taking fewer vacations than they would like.
    -  37 per cent do not have extended medical or dental benefits
    -  46 per cent have less retirement savings than planned. 11 per cent of
       respondents have no retirement savings.
    -  Of the 43 per cent who have postponed real estate purchases
         -  9 per cent do not own a home
         -  34 per cent do not own a second home/cottage.

    Women make more sacrifices than men - and lose more sleep over personal

    Self-employed women say they are making bigger personal trade-offs than
their male counterparts - and have more personal finance challenges.
    -  48 per cent of self-employed women state they have not saved enough
       for retirement
    -  20 per cent don't have any retirement savings versus only 7 per cent
       of men.
    -  17 per cent of self employed women do not own a home versus only
       6 per cent of men.
    -  35 per cent of women state that worry over personal finances keeps
       them up at night compared to 24 per cent of men.

    Dream of real estate ownership still alive

    Even with the challenge in balancing their personal and professional
lives, Canadian entrepreneurs still hold on to their dreams of real estate
    -  26 per cent are planning to buy or refinance a primary residence in
       the next three years.
    -  12 per cent are planning to purchase an income property.
    -  10 per cent are planning to purchase a vacation property.
    -  5 per cent are planning to borrow equity from their home to finance
       their business.

    "We strongly believe there is no reason for self-employed Canadians to
give up their dreams of real estate ownership - when it comes to negotiating a
mortgage, it should be a trade-up, not a trade-off," said John Schipper,
President, Mortgage Intelligence. "The key is having the right plan in place.
Mortgage consultants work closely with Canadian entrepreneurs every day to
identify and customize the right financing option to suit their individual
needs through consultative service, unbiased advice and flexible mortgage
solutions from multiple lenders."

    About the survey

    This online survey was conducted with 345 Canadians 18 years of age or
older who are self-employed Canadians with 1 to 100 employees. The survey was
carried out between August 30, 2007 and September 6, 2007 by Decima Research
Inc. With a pure probability sample of 345 one could say with a 95 percent
probability that the overall results have a sampling error of +/-5.3
percentage points. However this does not take other sources of error into

    About Mortgage Intelligence Inc.

    Mortgage Intelligence Inc. is among the largest and fastest growing
mortgage brokers in Canada, with more than 1,000 independent consultants and
associates in offices across Canada. Mortgage Intelligence consultants help
clients make better mortgage decisions for their home, revenue or vacation
properties, renewals, home renovations, debt consolidation needs, and
specialized mortgage requirements. The company had funded volumes in excess of
$7.8 billion in fiscal year 2006. For more information, visit:

For further information:

For further information: Jason Graham/Karen Passmore, Argyle
Communications, (416) 968-7311, ext 229/228, jgraham@argylecommunications.com,
kpassmore@argylecommunications.com; Dawn Erceg, Director of Marketing,
Mortgage Intelligence Inc, (416) 234-3170

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890