Only 25% of Québecers resolving to take better care of their finances in 2014
MONTREAL, Jan. 3, 2014 /CNW Telbec/ - As we embark on 2014, Québecers are more inclined to make resolutions for this year than they were for 2013, with their prime goal being to make a clear effort to improve their health and well-being. At the same time, there has been a significant increase in resolutions involving the management of personal finances, with 26% of Québecers having made such a resolution for 2014, as opposed to 15% for 2013.
More specifically, a recently conducted CROP poll indicates that Québecers had the following intentions for 2014:
- 46% wish to engage in more exercise (up 19% vis-à-vis 2013)
- 34% want to eat better (up 11% from 2013)
- 27% plan to take more time for themselves (up 8% as compared to 2013)
- 26% plan to take better care of their finances (up 15% from 2013)
More Focused on Health than Finances
Resolutions concerning the patrimony of Québecers are in fourth place, while those involving physical health and well-being ranked in the first three levels of importance. However, although Québecers seem less prone to wanting to improve the health of their personal finances, there has nevertheless been a marked increase in the intention to adopt good financial management habits as compared to the previous year. In fact, more than 25% of Québecers wish to make this a priority in 2014, as compared to 11% last year.
"The population's growing interest in personal finances is very encouraging," underlines Guylaine Dufresne F. Pl., Senior Manager, Investment at Laurentian Bank. "Just as they are focusing on their physical state, Québecers must also take their financial health into account if they want to reach their golden years in a sound physical and financial state."
Among the respondents who made it their resolution for 2013 to better manage their finances, 75% indicated that they kept that pledge throughout the course of the year. However, the survey found that 25% did not succeed in fulfilling their resolution. These respondents expressed that having greater willpower (29%), establishing a budget (28%), and developing a financial plan (19%) would have helped them achieve their objective.
"There are numerous tips for taking better care of personal finances and properly planning for retirement," adds Ms. Dufresne. "One of the best ways is to save systematically — both for an RRSP and for future projects. By establishing a specific amount to set aside on a regular basis, it is easier to integrate that into a budget. Furthermore, people should plan to sit down with their financial advisor at the beginning of the year to take stock of their overall situation, as well as to create and/or update their investor profile."
The CROP poll was conducted via a Web panel this past December 4-9 among 1,000 Québecers.
About Laurentian Bank
Laurentian Bank of Canada is a banking institution whose activities extend across Canada. Recognized for its excellent service, proximity and simplicity, the Bank serves one and a half million clients throughout the country. Founded in 1846, it employs some 4,000 people whose talent and dedication has made it a major player in numerous market segments. The institution has $34 billion in balance sheet assets and more than $37 billion in assets under administration.
Laurentian Bank distinguishes itself through the excellence of its execution and its agility. Catering to the needs of retail clients via its extensive branch network and constantly evolving virtual offerings, the Bank has also earned a solid reputation among SMEs, larger businesses and real estate developers thanks to its growing presence across Canada and its specialized teams in Ontario, Québec, Alberta and British Columbia. For its part, the organization's B2B Bank subsidiary is a Canadian leader in providing banking and investment products and services to financial advisors and brokers, while Laurentian Bank Securities is an integrated broker that is also widely known for its expert and effective services nationwide.
SOURCE: Laurentian Bank of Canada
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