Talking about money may be the last big taboo, but Capital One Canada and Credit Canada Debt Solutions argue that it’s time to start the conversation and broadcast our financial wins – no matter how big or small. To celebrate the 10thanniversary of Credit Education Week, which runs from November 7-11, Credit Canada Debt Solutions, in partnership with Capital One Canada, asked Canadians to share insights into their financial wins. While there’s a perception that Canadians hold the goal of home ownership above all else, the survey found that in reality, Canadians rank milestones like buying a home (12 per cent) or car (8 per cent) as less important financial wins than feeling financially secure in their daily lives (25 per cent).
“There is so much to learn from the positive, everyday financial experiences of our friends and family,” says Brent Reynolds, Managing Vice President, Capital One Canada. “Milestone moments like a new home or car may garner more ‘likes’, but it’s the experiences not easily shared in 140 characters that are most impactful – like how we took charge of our finances or recovered from a financial stumble.”
For example, 80 per cent of Canadians report having a financial win this year, where they took control of their financial situation to achieve a goal. Many Canadians (85 per cent) attribute their financial wins to planning, as well as using online banking tools (41 per cent) and information from financial institutions (34 per cent).
When it comes to actually achieving financial wins, Canadians experienced the following successes in their own lives:
- Buying a house (25 per cent)
- Becoming debt-free (15 per cent)
- Feeling secure in daily life (11 per cent)
- Living independently (8 per cent)
- Buying a car (8 per cent)
“Our research shows that Canadians who achieve their financial win feel more confident in their ability to provide for themselves and their loved ones,” says Laurie Campbell, CEO of Credit Canada Debt Solutions. “While 15 per cent of Canadians credit their ‘win’ to luck, Credit Canada is committed to helping Canadians succeed financially by providing education and resources that can help achieve their wins. As Canada’s longest serving financial literacy organization, it’s important to foster an environment where Canadians not only celebrate but recognize the importance of achieving financial wins and share their path to achieving them with others, so they too can learn from that success.”
While 67 per cent of Canadians celebrated their financial win by telling those close to them, very few shared the win over social media (14 per cent), despite the sense of accomplishment (55 per cent) and happiness (50 per cent) they felt once the win was realized. Canadians agreed that the best advice you can offer someone trying to achieve their own financial win was to be patient and stick with it (35 per cent), get organized (22 per cent) and pay yourself first by saving a little bit every payday (22 per cent).
To help achieve your own personal financial win, Credit Canada Debt Solutions and Capital One Canada offer the following tips:
- Set goals: Work with family, friends and your financial advisor to help create financial goals and an action plan.
- Maintain Progress: To maintain forward momentum, ask someone close to you to keep you accountable and schedule regular sessions every month or two to track your progress.
- Save every payday: Even if it seems like an insignificant amount, saving a little bit every payday creates positive saving habits and the amount of money will add up! You’ll feel accomplished watching that number grow.
- Celebrate and share: Once you’ve turned your financial goal into a financial win, celebrate it! Share your success and how you achieved it, so that others can learn from you.
- On to the next: Don’t wait to set another goal, set one right away to maintain financial growth and achieve your next financial win.
“Financial literacy is a critical life skill – we want people to budget, save, and live within their means,” says Canada’s financial literacy leader Jane Rooney. “We know that money is a major cause of stress, which is why having a financial plan is so important. During Financial Literacy Month, Financial Consumer Agency of Canada supports events such as Credit Education Week. We want to improve Canadians’ knowledge, skills and confidence so they can make responsible financial decisions. I am pleased to see Canadians embracing this year’s theme of financial wins!”
This year’s Credit Education Week is focused on the theme of ‘financial wins’, with a number of workshops and events across the country aimed at addressing how Canadians can make responsible financial decisions that lead to success. Visit http://www.cewc.ca to learn more.
About the Financial Wins study
Survey responses were collected from 600 participants with an equal distribution across the four major regions in Canada: West (British Columbia, Alberta, Saskatchewan, Manitoba), Ontario, Quebec, East (New Brunswick. Nova Scotia, Prince Edward Island, Newfoundland). The statistical significance for the survey is +/- 4.0%, 19 times out of 20.
About Credit Canada Debt Solutions
Credit Canada Debt Solutions is a non-profit charitable service that has assisted thousands of people with credit counselling and debt management programs since 1966. Credit Canada Debt Solutions is a member of Credit Counselling Canada.
About Capital One Canada
With offices in Toronto, Kitchener-Waterloo and Montreal, Capital One Canada has been offering Canadian consumers a range of competitive Mastercard credit cards since 1996. We challenge ourselves to see the world through the eyes of our customers, so we can deliver the market-leading credit products and exceptional service they’re looking for. Capital One Canada is a division of Capital One Bank, a subsidiary of Capital One Financial Corporation of McLean, Virginia (NYSE: COF). To learn more visit: http://www.capitalone.ca