Cross Your Fingers: Survey finds majority of Canadians are relying on lady luck for their financial future

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
    --  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, 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

SOURCE: Capital One Canada

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CO: Credit Canada Debt Solutions
ST: Quebec

-0- Oct/30/2012 11:01 GMT

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