Saturday, October 25th7.9°C
23888
22501

When the lottery becomes a plan

One-third of Canadian respondents to a new survey admit their financial plans include counting on a future injection of good luck, either by winning the lottery or receiving a large inheritance.

The poll commissioned by Credit Canada Debt Solutions and Capital One Canada found that nearly two in 10, or 18 per cent, of those polled say they believe winning the lottery will contribute to their financial plan, while one in 10 say they expect a large inheritance to help out.

"It's troubling to see so many Canadians putting more trust in the lottery than sound financial planning, but I see the effects every day in our agency, said Laurie Campbell, CEO of Credit Canada Debt Solutions.

"Canadians need to recognize that there is no magic solution to gaining control of their finances. It means hard work and sticking to a budget determined by income."

The survey comes as Canadian household debt sits at an all time high and other reports indicate many Canadians are realizing they have not saved adequately for retirement.

It also found that more than two-thirds of those asked have felt anxious or lost sleep thinking about their finances in the past year and another two-thirds admitted to spending beyond their monthly budgets.

Rob Livingston, president, Capital One Canada said the findings support the need to ramp up financial literacy programs.

"Overspending is a real issue for many Canadians and even though they know what to do, a quarter of us are still not confident we can stick to a monthly budget."

Finance Minister Jim Flaherty has been pushing Canadians to better understand their finances since creating a federal financial literacy task force in the 2009 budget.

At the same time, however, the Bank of Canada has held its key lending rate, which forms the basis for banks' prime rates for lending, at one per cent for last 17 consecutive rate announcements, which has contributed to an unsustainable run-up in home prices and risky levels of household debt.

In a recent revision, Statistics Canada has placed household credit market debt at 163 per cent of income, about the level reached in the United States before the housing crash of 2007-08.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14543.82+56.99
S&P CDNX805.45-3.15
DJIA16805.41127.51
Nasdaq4483.715+30.923
S&P 5001964.58+13.76
CDN Dollar0.8901-0.0003
Gold1231.20+2.10
Oil81.02-0.73
Lumber336.40+6.80
Natural Gas3.631+0.009

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07+0.015
Anavex Life Sciences0.194-0.004
Metalex Ventures0.045+0.005
Russel Metals33.39+0.23
Copper Mountain Mining2.03-0.05
Colorado Resources0.145+0.005
ReliaBrand Inc0.012-0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.445+0.035

 



23216

FEATURED Property
2103699#119, 4450 Gordon Drive
$598,395
more details
image2image2
Click here to feature your property
Please wait... loading


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...


We can get on together

I was in LA this week. I witnessed such crazy and unusual circumstances as I strolled along Hollywood Blvd and Sunset Blvd. A far cry from sleepy Peachland in the Okanagan! The strange thing was, I f...


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...

_








Member of BC Press Council


22786