Majority of Canadians are cheating on their wallets, survey reveals

Majority of Canadians are cheating on their wallets, survey reveals 
This Credit Education Week, Capital One Canada and Credit Canada Debt 
Solutions encourage Canadians to make financial resolutions before the holiday 
TORONTO, Nov. 12, 2012 /CNW/ - A new year brings new year's resolutions, and 
Canadians are great at resolving to be better money managers in the upcoming 
year. What we're not so great at is the follow-through. While four out of 
five Canadians report making financial resolutions, four out of five also 
admit to cheating on their financial resolutions, according to a recent survey 
commissioned by Capital One Canada and Credit Canada Debt Solutions. In fact, 
while men and women both admit to this, women (85%) are slightly more likely 
to cheat than men (76%). 
With the holiday spending spree fast approaching, Canadians need to make 
financial resolutions in November, not in January, after all the gift-giving 
is done. Financial freedom is about creating a plan and keeping to it. The 
sixth-annual Credit Education Week, November 12-16, is dedicated to promoting 
sound personal money management through money resolutions. 
"We weren't surprised to learn so many Canadians fail to keep their money 
resolutions, because more than half of them are not using available tools to 
help achieve their goals," said Laurie Campbell, CEO, Credit Canada Debt 
Solutions. "Credit Education Week is about empowering people with the tools to 
make financial goals, and the resolve to keep them." 
While most Canadians resolve to spend more wisely come the new year, Capital 
One Canada and Credit Canada Debt Solutions are urging Canadians to make their 
financial resolutions now, before the annual holiday spending spree. The 
survey showed that Canadians make resolutions to deal with their financial 
obligations (53%), to spend less on specific things (48%) and budget more 
wisely (47%). Excessive spending is driven by - among other things - the 
social pressure to consume. 
"A rear view mirror is a poor financial planning tool, so we're encouraging 
Canadians to look ahead, consider their holiday purchasing and spending, and 
choose wisely," says Rob Livingston, President of Capital One Canada. "The 
pressure to buy things outside our budget can lead to stress and fights with 
your family or spouse. 
That's why it's so important to ignore the Joneses, to find the best deal and, 
most importantly, to make a good spending plan and stick to it. That's true 
financial freedom." 
According to the survey, Canadians who want to rein in their financial 
obligations have faced push-back from the closest quarters: 

    --  As a result of attempting to keep a money resolution, 51 per
        cent of Canadians have felt guilty, had fights, or felt left
        out of plans with friends and family
    --  While two thirds of married/common-law Canadians involve their
        spouse/partner in helping them to achieve their money
        resolutions, 22 per cent report that an overspending partner is
        a barrier to achieving their money resolutions
    --  23 per cent of married/common-law Canadians report that their
        money resolution has led to more fighting with their
        spouse/partner about money, and 25 per cent report that their
        money resolutions have led to feelings of guilt for not
        providing well enough for their families

To help Canadians with their November resolutions, Capital One Canada and 
Credit Canada Debt Solutions are helping Canadians set uncomplicated 
goals. The best resolutions are simple:
    --  "I will ignore the Joneses." Your neighbours went beyond their
        means buying a brand new SUV. That doesn't mean that you have
    --  "I will shop around before I buy." Controlling costs means
        finding the best deal, every time. Save money by spending less!
    --  "I will not make resolutions based on spending regret." We've
        all experienced buyer's remorse. But financial freedom means
        that you make a plan before you spend - and then stick to it.

"Money problems can be stressful and overwhelming," concludes Livingston. "But 
four in ten Canadians know the truth: With a lifestyle change and a few simple 
tools, anyone can achieve financial freedom. So get a financial planning 
smartphone app, create an affordable budget, and stick to it. And let the 
Joneses take care of themselves."

To help Canadians make their New Year's resolutions during Credit Education 
Week, Capital One Canada and Credit Canada Debt Solutions will be hosting a 
celebration, complete with ball-drop and subject experts. Celebrate early and 
drop by to make your resolution:

WHAT:    Credit Education Week Celebration Event

WHO:     Laurie Campbell, CEO, Credit Canada Debt Solutions
         Nancy Icely, Vice-President, Capital One Canada

WHERE:   Yonge -Dundas Square (Southeast corner of Yonge St. & Dundas

WHEN:    Wednesday, November 14 at 12:00 pm

WHY:     To help Canadians make their money resolutions before the
         holiday season

To learn more about financial freedom, visit today.

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 Financial Education Challenge.

Media Contact: Laurie Campbell Credit Canada Debt Solutions 416-228-2526

Laurel Ostfield Capital One 416-549-2753

SOURCE: Capital One

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CO: Capital One
ST: Ontario

-0- Nov/12/2012 12:03 GMT

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