Majority of Canadians suffer from personal finance difficulties, study finds

Nov 12, 2013 | News

Photo credit: Robert Anthony Provost

Photo credit: Robert Anthony Provost

Sandra De Grandis

Nov 12 marks the first day of Credit Education Week and things aren’t looking great for Canadians. According to a study released Tuesday, the majority of Canadians feel as though they are not in control of their finances. The “Every Dollar Counts” study, conducted by Credit Canada Debt Solutions and Capitol One Canada also revealed that 76 per cent of Canadians know they spend too much on frivolous items, but find it difficult to curb their spending habits.

There are various reasons why people may have financial issues. Brent Reynolds, vice president at Capitol One, said major life events are not always the reasons for money problems.

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Surprisingly, the study revealed the items Canadians overspend on are not overly expensive, but smaller things that are not life necessities.

“I think everybody has vices and what our study shows, is it’s not the big ticket items, not the cars, the houses, the saving for education. It’s the smaller vices such as cigarettes, dinner, alcohol, clothes and lottery tickets. Those are the things Canadians regret spending money on,” Reynolds said.

The survey included adults between the ages of 18 and 65, from four major regions across Canada.

For those with financial problems or debt, finding a solution may be difficult. Some people may feel ashamed they cannot get their finances under control.

“Doesn’t matter how young or how old you are, it’s never too late to start to get your financial health in order, and don’t feel uncomfortable and do not be embarrassed to seek help to resolve your financial situation or improve it because there are many people out there in the same boat,” Laurie Campbell, CEO of Credit Canada Debt Solutions told Humber News.

Campbell says that for the most part, people in their 20s and 30s aren’t thinking of their financial futures in terms of retirement. That can cause unnecessary financial stress later in life.

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Young people can face various financial problems. Often, students may not know how to properly manage their funds by budgeting.

Holsee Sahid, manager of financial aid at the north campus shares some advice on how students can cut corners in order to save some money.

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Paying for tuition, rent and transportation can cause students to feel stressed about their financial situation.