Cross Your Fingers: Survey finds majority of Canadians are relying on lady luck for their financial future Capital One Canada and Credit Canada to provide a reality check during Financial Literacy Month TORONTO, Oct. 30, 2012 /CNW/ - One third of Canadians admit winning the lottery or receiving a large inheritance is part of their plans for a secured financial future, according to a recent survey commissioned by Credit Canada Debt Solutions and Capital One Canada. At the same time, more than two thirds have felt anxious or lost sleep thinking about their financial situation over the past year. "It's troubling to see so many Canadians putting more trust in the lottery than sound financial planning - but I see the effects every day in our agency," said Laurie Campbell, CEO, Credit Canada Debt Solutions. "Canadians need to recognize that there is no magic solution to gaining control of their finances. It means hard work and sticking to a budget determined by income." More than two-thirds of those surveyed revealed they spend beyond their monthly budget. Most admitted temptation and reward were the biggest reasons they overspent. The biggest temptation? Food! Three-quarters of Canadians confess to overspending on groceries, and more than half blow the bank on eating out. "Overspending is a real issue for many Canadians and even though they know what to do, a quarter of us are still not confident we can stick to a monthly budget. These types of findings exemplify why Capital One continues to invest in financial literacy initiatives," said Rob Livingston, President, Capital One Canada. "We all deserve a treat sometimes and if we plan for it in advance, we are better positioned to stay with our financial means." Financial Literacy Month provides Canadians with the tools to reassess their budgets - and their temptations - to secure a strong financial future. This includes understanding the components and unique gender traits around spending and overspending: -- Women are more likely than men to overspend on groceries, clothing and personal care products, whereas men are more likely to overspend on bigger ticket items like education, shelter and vehicles -- In the past year, 40 per cent of women felt anxious about not being able to pay their bills, as compared to 28 per cent of men -- In planning for a secure future, men are more likely to hope for a salary increase at their current job, whereas women are more likely to hope for a new job that pays significantly more In 2007, Credit Canada Debt Solutions and Capital One Canada teamed up to create the first Credit Education Week Canada, with the objective to raise public awareness and educate Canadians about the many issues and challenges they face managing their finances, spending and savings. From November 12-16, almost 150 events and financial literacy workshops at YMCAs and community centres right across the country will occur under the Credit Education Week banner thanks to the support and funding of all sponsors. About the survey In September 2012, Credit Canada Debt Solutions and Capital One Canada commissioned a survey of 822 Canadianswho have made a resolution regarding their spending behaviours. The survey respondents were equally distributedacross the 4 major regions of Canada (West, Ontario, Quebec and East) and the margin of error is +/- 3.4%, 19 times out of 20. About Credit Canada Debt Solutions Credit Canada Debt Solutions is a non-profit charitable service that has assisted thousands of people with credit counseling and debt management programs since 1966. Credit Canada is a member of the Ontario Association of Credit Counseling Services and a Charter Member of Canadian Association of Credit Counseling Services. About Capital One With offices in Toronto and Montreal, Capital One has offered Canadian consumers a range of competitive MasterCard credit cards since 1996, when the company first introduced the Platinum MasterCard in Canada. Capital One Canada is a division of Capital One Bank, a subsidiary of Capital One Financial Corporation of McLean, Virginia (NYSE: COF). Capital One believes in empowering Canadians to take control of their finances through programs and resources like Understanding-Credit.ca, Credit Education Week Canada, and the Capital One SIFE Financial Education Challenge. Media Contact: Laurie Campbell Credit Canada Debt Solutions 4162282526 firstname.lastname@example.org Laurel Ostfield Capital One 4165492753 email@example.com SOURCE: Capital One Canada To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/October2012/30/c3125.html CO: Credit Canada Debt Solutions ST: Quebec NI: FIN ECO ECOSURV -0- Oct/30/2012 11:01 GMT
Cross Your Fingers: Survey finds majority of Canadians are relying on lady luck for their financial future
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