Canadians determined to save more in 2012

By Vikram Barhat | December 22, 2011 | Last updated on December 22, 2011
2 min read

Forget shedding pounds, it’s saving dollars that’s an overriding priority for Canadians pondering a worthy New Year’s resolution, according to a poll from Investors Group.

When asked to choose between the two alternatives for a New Year’s resolution, 63% of respondents said saving money was more important than losing weight (27%). Paying down debt and investing money figure further down Canadians’ wish list for change (46% and 32% respectively).

“While most Canadians don’t make concrete resolutions on an annual basis, the turn of a new year is the perfect time to reflect on changes you would like to make on everything from money, to personal life to aspects of your career,” says Jack Courtney, assistant vice-president, advanced financial planning, Investors Group. “[A] New Year’s resolution has a nice ring to it, but the important consideration is what changes are reasonable, and which will have the greatest positive impact if accomplished.”

However, if making New Year’s resolutions is an annual ritual, the study bears out that breaking them is part of the cycle. Most Canadians say they don’t bother with New Year’s resolutions (72%) and those who do make them say they have trouble keeping them.

Like a piece of unsolicited advice, to many Canadians a New Year’s resolution is something that goes in one year and out the other. The poll reveals only 13% say they stick to their annual resolutions while 14% say they are never able keep them.

Of the resolutions that people do make, high on the list were spending more quality time with family and friends (66%), getting more enjoyment out of life (65%) and getting into shape (59%).

Women are more committed than men to making changes, with almost one-third (31%) making resolutions regularly, compared with less than a quarter of men (23%).

Vikram Barhat