Over a quarter of Canadians plan to make a money-related resolution this year
Tangerine found that 69 per cent of Canadians have made New Year’s resolutions and that, of those, more than half (54 per cent) focused on improving their physical well-being and nearly a third (32 per cent) pledged to improve their financial health. That pattern extends into 2018, with over a quarter (28 per cent) of Canadians committing to better money management practices in the coming year. Millennials in particular have good intentions, with nearly half (49 per cent) stating their intent to make a money-related resolution this year.
For 2018, Canadians who plan on making money-related resolutions identified spending less (45 per cent), saving more (41 per cent) and paying down credit card debt (31 per cent) as part of their goals. A fifth of Canadians (19 per cent) said they would like to start investing more in general.
“While it’s encouraging that Canadians have money on their minds this January and are setting goals across the financial spectrum, it’s also important to remember that it’s the long-term habit of saving and investing that’s going to get you ahead,” said David McGann, Director of Tangerine Investments. “This means thinking of your money year-round and making small realistic improvements versus a lofty or vague one-time goal at New Year’s.”
In fact, of those survey respondents who have made a money resolution in the past, 55 per cent said they kept their resolution for up to 12 months, while a quarter (26 per cent) of millennial money resolution-makers kept theirs for a month or less.
In terms of motivation, Canadians just want to feel financially secure. When asked what motivated them to make money-related resolutions, 58 per cent said they do so because they feel financially insecure; and 37 per cent said it was because of retirement.
“At Tangerine, our digital experience allows our Clients to have a fully integrated view into their everyday banking across spending, saving, borrowing and investing,” explains McGann. “This makes it easy to keep a pulse on your financial situation all year round to ensure you’re on track to meet your long-term goals.”
From December 5 to 11, 2017 an online survey was conducted among 1,005 randomly selected Canadian adults who are Angus Reid Forum panelists. The sample was balanced on age, gender and region. The margin of error—which measures sampling variability—is +/- 3.09%, 19 times out of 20. Discrepancies in or between totals are due to rounding.
Tangerine is a direct bank that delivers simplified everyday banking to Canadians. With over 2 million Clients and close to $38 billion in total assets, we are Canada’s leading direct bank. Tangerine offers banking that is flexible and accessible, products and services that are innovative, fair fees, and award-winning Client service. From no-fee daily chequing and high-interest savings accounts, a Credit Card, GICs, RSPs, TFSAs, mortgages and mutual funds through its subsidiary, Tangerine Investment Funds Ltd., Tangerine has the everyday banking products Canadians need. With over 1,000 employees in Canada, our presence extends beyond our website and Mobile Banking app to our Café locations, Pop-Up locations, Kiosks and 24/7 Contact Centres. Tangerine was launched as ING DIRECT Canada in 1997. In 2012 it was acquired by Scotiabank, and operates independently as a wholly-owned subsidiary.