Many Canadians can improve their financial well-being simply by following a budget, says a report by the Financial Consumer Agency of Canada.
Though 93% of people who have a budget stick to it most of the time, only 46% of people have a budget. The study also reports that, while two-thirds of working people are preparing financially for retirement, almost the same proportion say they don’t know how much they should save.
On the bright side, many Canadians are keeping up with bills and payments and saving for their children’s education. Two-thirds of Canadians check their account balances daily or weekly. The most common debts people hold are mortgages, credit cards and lines of credit.
To help your client start a budget, try FCAC’s Budget Calculator.