Research conducted by the Financial Consumer Agency of Canada (FCAC) shows that less than half of Canadians have a budget.
On Nov. 24 Jane Rooney, Financial Literacy Leader at the FCAC, discussed some of the findings of the 2014 Canadian Financial Capability Survey at the University of Toronto's Financial Literacy and Financial Well-Being Forum.
The survey of 6,600 Canadian adults revealed that only 46% of the respondents have a budget. What's more, although two-thirds of them say are preparing financially for retirement, about the same number admit they do not know how much they should save.
The good news is that 93% of those who do have a budget say they are able to stick to it most of the time. The poll also found that more than two-thirds of Canadians are keeping up with bills and payments, and almost three-quarters of parents are saving for their children's education.
"The simple act of creating and following a budget can help put millions of Canadians on a path toward greater financial well-being. And, when Canadians are equipped to make better financial decisions, not only do they improve their own personal finances, the economy as a whole benefits as well," comments Rooney.
