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
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
-- 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
-- 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
Laurel Ostfield Capital One 4165492753 email@example.com
SOURCE: Capital One Canada
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-0- Oct/30/2012 11:01 GMT
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