TORONTO, March 29 /CNW/ -- Spending their tax refunds frivolously is not
part of the plan for the vast majority of Canadians this year, according to
the annual survey TransUnion commissions from GfK Roper Public Affairs & Media
to gauge Canadians' refund intentions. Only 28 percent of those surveyed say
they would use a tax refund this year to splurge vs. 35 percent in 2006, while
65 percent plan to save their refund money for a rainy day or some other
reason, up from 58 percent the previous year.
Canadians across the board would opt to use their refunds to better their
financial state. More than half of Canadians (57 percent) indicate they would
pay down their mortgage or other bills, and 43 percent would specifically pay
off credit card bills. Sixty percent say they would buy something they need,
while roughly one-third of respondents (32 percent) would use their refund to
take a vacation.
"Paying off debt, saving money and establishing consistency with personal
finances are important steps toward establishing a credit history that lenders
will view favorably," said Tom Reid, Director, Consumer Solutions at
TransUnion. "We're not surprised to see that so many Canadians intend to
leverage their refunds to help themselves achieve greater financial
The survey also reveals that Canadians under age 50 are more likely than
those 50 and older to say they would use their tax returns to buy something
they need (64 percent vs. 54 percent), pay down the mortgage or other bills
(65 percent vs. 43 percent), pay off credit cards (49 percent vs. 34 percent)
or splurge on something fun (32 percent vs. 23 percent).
To learn more, schedule an interview with Tom Reid by contacting Steve
Katz, 312.985.2373, or Julia Monti, 212.255.8455.
GfK Roper Public Affairs & Media conducted this study using Random Digit
Dialing (RDD) methodology from February 15 to February 20, 2007. A total of
1,002 interviews were conducted among adults across Canada. Age, gender,
income and geographic information were collected. The margin of error for the
complete sample is +/- 3 percentage points. The margin of error for subgroups
may be higher.
TransUnion is a leading provider of consumer credit management solutions
to the Canadian market. The company's offerings are developed to meet the
decisioning demands of Canadian businesses and the credit management needs of
Canadian consumers. Awarded top honors by Nymity, Inc., one of Canada's
leading privacy research firms, for its overall privacy practices for both
2004 and 2005, TransUnion provides credit reports and credit scores, as well
as credit profile monitoring services for consumers concerned about identity
theft and credit management. Based in Toronto, with global headquarters
located in Chicago, Illinois, TransUnion provides local service and support in
Vancouver, Edmonton, Calgary, Saskatoon, Montreal, Quebec City, Rimouski,
Moncton, Charlottetown, Dartmouth and St. John's. Visit
http://www.transunion.ca to learn more.
For more information or to schedule an interview with Tom Reid, contact
Steven Katz, TransUnion, at 312.985.2373 (email@example.com) or Julia
Monti, The Rosen Group, at 212.255.8455 (firstname.lastname@example.org).
For further information:
For further information: Steven Katz of TransUnion, +1-312-985-2373,
email@example.com; or Julia Monti, +1-212-255-8455,
firstname.lastname@example.org, for TransUnion Web Site: http://www.transunion.com/