Young Canadians More Financially Savvy Than Their Elders: MasterCard Study Finds

Stats show young Canadians are interested in and looking for information to improve money management skills

TORONTO, Nov. 14, 2013 /CNW/ - A recent study from MasterCard Canada found that Canadian youth are more likely than their older counterparts to have a budget. In fact, 40 per cent of young adults aged 18 - 34 currently have a budget but only 33 per cent of those aged 35 - 65 have one in place.  What's more, young adults are eager to improve their money management skills with one third of respondents noting the need for additional budgeting tools.  To address these needs, MasterCard Canada is encouraging all Canadians to visit Priceless Pointers to learn more about how to save well and spend wisely.

The educational site offers great budgeting tools like Purchase Power, which can be downloaded or used directly on the site to assist users in determining how much money they have available for spending and how much they need to set aside.  Other popular tools include the Payoff Accelerator, which helps users create a payment plan for paying off credit card and fixed loan debt or the Savings Target to develop a realistic savings plan based on future goals. Both tools also allow for users to make adjustments to their plans as they get closer to their goals in order to ensure they are using the money to its fullest potential. Canadians can also visit Master Your Card to learn more about the benefits of electronic payments.

"Canadians care about financial responsibility and they want to have tools to keep them on track. This is important to us as well and that's why we have a number of smart budgeting tools available," said Sasha Krstic, Group Head, Global Products and Solutions, MasterCard Canada. "We love that young adults understand the need to budget. We'll continue to educate all Canadians so they understand how to use our products and services responsibly."

Another important aspect of money management is understanding the various forms of credit available and determining which type is best for one's individual needs, income levels, insurance requirements and loyalty program preferences.  For tips and suggestions on how to navigate through the options, MasterCard encourages consumers to visit their tips for selecting a card.

Research Methodology
The MasterCard InControl Study was completed on-line between August 27th and September 24th, 2013 using Leger Marketing's online panel, LegerWeb, with a sample of 2,000 Canadians 18 years of age or older. A probability sample of the same size would yield a margin of error of +/- 2.2%, 19 times out of 20. Leger Marketing's online panel has approximately 460,000 members nationally - with between 10,000 and 20,000 new members added each month, and has a retention rate of 90%.
Panel members are randomly selected to receive email invitations to the individual surveys.

About MasterCard
MasterCard NYSE: MA, www.mastercard.com, is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.

SOURCE: MasterCard Canada

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Leslie Jackson
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Lauren Mostowyk
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