Canadians overspend because of family, peer pressure: poll
Posted October 30, 2013 9:34 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – Many Canadians point the finger at friends and loved ones when explaining why they spend more than they can afford. A new poll for conducted for Financial Literacy Month includes tips to help you stay in control of your money.
According to the survey, 44% of us blame friends for pressuring us into spending more than we can afford during a night out. And half of that group claims they typically end up paying more than their share of the tab.
Only six percent of respondents admitted to being the person who doesn’t pay their full share of the bill at the end of the night.
Although 82 per cent of Canadians in relationships say they speak openly and honestly with their partners about money, one-third say their other half’s spending habits have hurt them in achieving financial goals.
Credit Canada Debt Solutions and Capital One Canada, which commissioned the survey, offer the following tips for financial success:
-Share your financial goals with family and friends so they can help you stay on track
-Write your financial goals down and keep a log of your progress
-Reward yourself when you make smart financial decisions that will help you reach your goal
-Identify your personal money vices and develop a budget that will help you cut back
-Organize plans with friends that don’t involve spending money
-Shop smart and look for ways to make every dollar count
