One-third of Canadians admit winning the lottery or receiving a large inheritance is part of their plans for a secured financial future, finds a survey by Credit Canada Debt Solutions and Capital One Canada.
“Canadians need to recognize that there is no magic solution to gaining control of their finances,” says Laurie Campbell, CEO, Credit Canada Debt Solutions. “It means hard work and sticking to a budget determined by income.”
Also, more than two-thirds have felt anxious or lost sleep thinking about their financial situation over the past year.
Another two-thirds say they spend beyond their monthly budget.
The biggest temptation? Food. Three-quarters confess to overspending on groceries, and more than half blow the bank on eating out.
Read: 8 ways clients can manage their finances
Additional findings include:
- Women are more likely than men to overspend on groceries, clothing and personal care products; men are more likely to overspend on big ticket items like education, shelter and vehicles;
- 40% of women felt anxious about not being able to pay their bills, compared to 28%;
- Men are more likely to hope for a salary increase at their current job; women are more likely to hope for a new job that pays more.
Read on for tips to help clients budget and save.