Make sure clients don’t live beyond their means

By Staff | September 23, 2015 | Last updated on September 23, 2015
1 min read

There’s no shortage of financial stressors for your clients, even for those who say they’re on track to meet their financial goals.

A new poll finds that even though 73% of Canadians are confidant in their financial plans, nearly 65% still say they could improve their financial habits. In fact, nearly half (43%) say they don’t regularly save money, while one quarter admit to overspending and living beyond their means.

Read: Young clients failing to plan, save for retirement

Other top concerns include:

  • not sticking to budgets (17%);
  • accumulating debt (17%); and
  • failing to pay monthly credit card bills (16%).

On the upside, the poll says most Canadians (66%) have reviewed their financial goals in the last six months. Most people want to save for retirement (43%) and save for dream vacations (33%). The full list of people’s goals includes:

  • repaying loans (32%);
  • purchasing vehicles (31%);
  • paying mortgages (29%);
  • purchasing houses or condos (22%);
  • saving for life events (18%); and
  • saving for children’s educations (18%).

Read: Encourage clients to talk to kids about educations

To achieve these goals, says the poll, most Canadians are putting together budgets (51%) and examining monthly spending habits monthly (55%).

Read:

Half of Canadians foggy on what can go in TFSA

10 features of an ideal retirement system

Almost half of homeowners make extra mortgage payments

Advisor.ca staff

Staff

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