Canadians claim they are prudent, but many have empty pockets

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While most Canadians say they are savers, about one in five have less than $1000 in cash.


A recent survey for EQ Bank asked Canadians if they would describe themselves as the financially prudent one in their relationships. While seven out of ten said that they were the "saver", four in ten admitted they have less than $5,000 in savings and about one in five (18%) had less than $1,000. What's more, 5% have no savings at all.


Asked what they are saving for, most respondents were focuses on short-term priorities: 78% were putting funds aside for vacations, electronics, dining out, and fashion items.


The survey, which was conducted by Environics Research Group, found that money is “often” or “sometimes” a source of disagreement between 15% of the couples surveyed. These financial disagreements can escalate into something more serious, with one-quarter of the respondents saying they have resented their partner for spending jointly-held funds.


The poll also revealed a difference in attitudes between the sexes, with 89% of men saying they are likely to agree with their partners about financial issues, compared to 82% of women who tend to agree with their significant other on money matters.


As published in The Insurance & Investment Journal by Andrew Rickard Oct. 20, 2016  11:30 a.m.


For personal coaching to develop better savings habits, contact an advisor at Four Points Financial Solutions by calling 1-866-235-0004 or emailing today.