Canadians have buyer’s remorse when trying to keep up with friends: survey

By Staff | July 24, 2018 | Last updated on July 24, 2018
2 min read

A majority of Canadians wonder how their friends can afford their lifestyles, says a survey by Edward Jones.

Among those aged 18 to 34, 71% would like to understand how the people they know finance their purchases, says the investment firm in a release. The figure was 66% for those aged 35 to 44.

Being influenced by their friends’ purchases to spend beyond their budgets can lead to buyer’s remorse, the release said, and 93% of those surveyed said they feel buyer’s remorse and have regrettable spending habits.

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“Understanding how you spend money is important when considering your short and long-term goals,” says Roger Ramchatesingh, director of solutions consulting at Edward Jones, in the release. “For example, if you know you enjoy spending money spontaneously, build this into your monthly budget. When it is unplanned for, it can add up over time and hurt other long-term goals such as retirement or the purchase of a home.”

The survey said people are more likely to regret tangible purchases (83%) than experiential ones (71%).

Less than half of those surveyed (44%) follow a financial strategy. Among 18- to 34-year-olds, 75% think their finances should be in order but only 38% follow a financial strategy.

Methodology: A survey of 1,565 Canadians was completed online between May 23 to 26, 2017 using Leger’s online panel, LegerWeb. A probability sample of the same size would yield a margin of error of +/-2.5%, 19 times out of 20.

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The staff of have been covering news for financial advisors since 1998.