TORONTO, Feb. 14, 2023 (GLOBE NEWSWIRE) -- A new survey by Savvy New Canadians reveals more than half of Canadians have a negative outlook when it comes to their personal finances even though the majority changed their spending habits to curb debt accumulation.
One key survey finding is despite budgeting being one of the best ways a person can take charge of their money, alleviate debt, and save for the future, one-third (33%) of respondents don’t have one.
“Without a budget, Canadians are at risk of overspending, accumulating debt, and even falling into financial hardship. Knowing exactly how your income is being allocated is the first step in setting yourself up for financial success,” says Enoch Omololu, personal finance expert and founder of Savvy New Canadians.
When asked what their biggest financial concern is, 36% said they worry their investments will decline while one-quarter (23%) worry they won’t have enough money saved for retirement.
Considering mounting inflation across the country, it’s not surprising that a hefty 54% of respondents said they have a negative outlook on their personal finances. Some of the sacrifices respondents said they had to make included cutting back on entertainment to dropping out of post-secondary education or having to sell a house or car.
Omololu adds, “These larger cutbacks, where someone has to forgo an education for example, can have lasting impacts on individuals and families. Having to sacrifice furthering your education to keep your housing could easily result in someone becoming trapped in a paycheque to paycheque cycle, making it difficult for them to return to their studies.”
Perhaps the best takeaway from the survey: when asked what piece of financial advice had been the most beneficial, 41% of respondents selected ‘live within your means’.
Further survey details and results can be found by clicking here.
Methodology
Survey polled 652 Canadians aged 18+ between December 20, 2022, and January 16, 2023.
About Savvy New Canadians
Savvy New Canadians, operated by Enoch Media Inc, provides in-depth personal finance resources to help people take control of their money, get out of debt, invest wisely, increase their income, and become financially free. Over 400,000 people visit the site every month and thousands receive the newsletters.
