Most Canadians don’t have a budget

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.

Read: Client confidential: Victoria Summerhill Fox

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.

Also read:

Offer to help overspending clients

Make sure clients don’t live beyond their means

Staff

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