Welcome!

News Feed Item

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 madness

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 to.
  • "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 St.)
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 www.cewc.ca today.

About the survey

In September 2012, Credit Canada Debt Solutions and Capital One Canada commissioned a survey of 822 Canadians who have made a resolution regarding their spending behaviours. The survey respondents were equally distributed across 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 Financial Education Challenge.


 

SOURCE Capital One

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...