Sun Life Financial survey finds most will spend the same or less than
TORONTO, Dec. 11, 2015 /CNW/ - Nine in 10 Canadians will spend the same
or less on the holidays than they did one year ago, according to the
2015 Sun Life Financial Annual Check-Up, released today. Almost four in
10 (37 per cent) plan to spend less and just one per cent said their
spending will be substantially higher this year.
"It seems Canadians have a more realistic view of their financial
situation this year," says Cindy Crean, Managing Director, Sun Life
Global Investments. "A majority realize spending more this holiday
season might not be the best tactic."
The Annual Check-Up survey asked Canadians to compare the current state
of their personal finances to that of last year. Survey highlights
54 per cent are not financially better off than they were a year ago;
66 per cent say their debt level is the same or worse than it was at
this time last year; and
64 per cent do not work with a financial advisor.
Debt continues to weigh on Canadians and is often to blame for the
"Canadians will spend less during the holidays this year because they
are tapped out from a debt perspective," says Sadiq Adatia, Chief
Investment Officer, Sun Life Global Investments. "This decreased
spending has negatively impacted the Canadian economy and is in
contrast to what is happening in the United States where economic
growth is being driven by increased consumer spending."
Though 67 per cent of Canadians are optimistic about 2016, only 13 per
cent said paying down debt is among their top three New Year's
resolutions. Just four per cent rank savings as a top resolution.
"Reducing debt and increasing savings might not be at the top of the
resolution list, but they should be. The sooner people can address
these financial goals, the better off they will be in the long run,"
Crean added. "Working with a financial advisor and building a plan can
put Canadians on better financial footing for the new year."
Click here to see the Holiday Spending breakdown.
About the survey
The results from the survey are based on the findings of an Ipsos Reid
poll conducted between November 5 and 9, 2015. A sample of 1,277
Canadians, aged 18 to 80 years, was drawn from the Ipsos I-Say online
Ipsos Reid employed weighting to balance demographics and ensure that
the sample's composition reflects that of the adult population
according to Census data and to provide results intended to approximate
the sample universe.
The precision of Ipsos Reid online surveys is measured using a
credibility interval. In this case, the survey is accurate to within
±3.1% at 95% confidence level had all Canadian adults been polled. All
sample surveys and polls may be subject to other sources of error,
including, but not limited to methodological change, coverage error and
About Sun Life Financial
Celebrating 150 years in 2015, Sun Life Financial is a leading
international financial services organization providing a diverse range
of protection and wealth products and services to individuals and
corporate customers. Sun Life Financial and its partners have
operations in a number of markets worldwide, including Canada, the
United States, the United Kingdom, Ireland, Hong Kong, the Philippines,
Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia
As of September 30, 2015, the Sun Life Financial group of companies had
total assets under management of $846 billion. For more information
please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under the ticker symbol SLF.
About Sun Life Global Investments (Canada) Inc.
Sun Life Global Investments (Canada) Inc. brings together the strength
of one of Canada's most trusted names in financial services with some
of the best asset managers from around the world. With a focus on risk
management, our rigorous selection and monitoring process provides
access to leading asset managers who use insight and innovation to
manage high quality investment solutions for Canadian investors. Sun
Life Global Investments (Canada) Inc. is a member of the Sun Life
Financial group of companies. For more information, visit www.sunlifeglobalinvestments.com.
SOURCE Sun Life Financial Inc.
For further information:
Sun Life Financial