Cdns looking forward to a Happy finanacial New Year

By Steven Lamb | December 13, 2010 | Last updated on December 13, 2010
1 min read

Tis the season to make promises to ourselves. Canadians are looking ahead to 2011 and promising to be better with their money, according to a survey by TD Bank Financial Group.

Whether they follow through on that promise remains to be seen, but 62% said they aren’t waiting for the New Year to roll around to start. Nearly half (47%) expect they will be in better financial condition next year, compared to their present state of affairs.

“The last couple of years have been financially tough for many, but this holiday season we are seeing a renewed optimism among Canadians about their financial future,” says Carrie Russell, senior vice-president, TD Canada Trust. “As you enjoy the holidays, consider making and sticking to smart resolutions that will help ensure you are in good financial shape for 2011 and beyond.”

Given that so many Canadians are focused on their finances for 2011, the New Year may be an excellent time for advisors to prospect for new clients.

The top financial resolutions are to spend less and avoid buying unnecessary things (53%), look for better deals when shopping (38%) and to build up savings equal to at least two months living expenses (30%).

Glaringly absent from that top three list is a plan to get financial advice, which Russell recommends, even if it is simply seeking input from an older relative. Finding the right professional financial advisor may seem like a daunting task, but the rewards are well-documented.

Steven Lamb