Canadians make good on financial resolutions: survey

The new year brings a new round of resolutions, with 69% of Canadians aiming to improve their lives in some way in 2018, finds a Tangerine survey.

Of these Canadians, about one-third (32%) say they plan to improve their financial health. Methods to accomplish this include:

• spending less (45%)
• saving more (41%) and
• paying down credit card debt (31%).

And one-fifth of Canadians (19%) say they want to invest more.

Read: What we learned from the 2017 CSA Investor Index

Sure, these resolutions are laudable, but will they have a lasting effect?

Of survey respondents who made money resolutions in the past, 55% said they kept those resolutions for up to 12 months.

However, younger Canadians fared less well: one-quarter (26%) of millennial money-resolution-makers kept their resolutions for a month or less.

Read: Young adults motivated to save, but need help

About the survey: From Dec. 5 to Dec. 11, 2017, an online survey was conducted among 1,005 randomly selected Canadian adults who are Angus Reid Forum panellists.

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Staff

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