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Part of a good financial plan includes saving for a rainy day – especially anyone living in Vancouver like myself (pun intended). However, saving for a trip/vacation (possibly getting away from the rain) actually factors more highly among Canadians, especially women. How consumers feel about money (spending it or not spending it) can help industries across Canada forecast sales and production, especially small and medium size businesses that can more easily recalibrate priorities after reviewing a quick snapshot of the market. This month’s eNation survey focused on Canada’s financial footing. Find out more about how consumers are planning to spend their money in 2013.
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CANADIANS CARVE UP LOONIEMARCH 2013Part of a good financial plan includes saving for a rainy day – especially anyone living in Vancouver like myself (pun intended). However, saving for a trip/vacation (possibly getting away from the rain) actually factors more highly among Canadians, especially women.
How consumers feel about money (spending it or not spending it) can help industries across Canada forecast sales and production, especially small and medium size businesses that can more easily recalibrate priorities after reviewing a quick snapshot of the market.
This month’s eNation survey focused on Canada’s financial footing. Conducted in February 2013, the results found that 43% of Canadians said they would like to both, spend less and save more money, as their financial wish for 2013. Approximately one-fourth said they have no wish to change their savings or spending in 2013; however, this was significantly higher for those over 55 years of age. Those with children are much more likely to have their goal be to save money than those households without children.
Among all Canadians, those who are younger (18 – 34 years of age), or have children, are the most likely to have set specific financial goals for 2013. Men (40%) are also far more likely to have clear goals compared to women (33%). Men are also far more likely to have a financial plan for reaching their goals compared to women (73%; 59% respectively).
Which one of the following statements best describes your financial wish for 2013?
TotalGender Age Household
IncomeChildren in Household Married
Male Female 18-34 35-54 55+ <$60K $60K+ Yes No Yes No
To both spend less and save more
43 40 46 44 45 40 42 43 43 43 49 42
Will not change saving or spending in 2013
24 28 20 12 17 40 23 24 15 27 30 16
To save more money 23 22 24 34 26 10 24 24 32 19 18 32
To spend less money 10 10 10 10 10 11 11 8 9 10 8 10
Have you set any specific financial goals for 2013?
TotalGender Age Household
IncomeChildren in Household Married
Male Female 18-34 35-54 55+ <$60K $60K+ Yes No Yes No
Yes 37 40 33 47 38 27 37 40 45 32 34 40
No 63 60 67 53 62 73 63 60 55 68 66 60
If yes, have you made a financial plan for reaching your 2013 goals?
Yes 66 73 59 59 67 74 62 69 66 66 69 57
No 34 27 41 41 33 26 38 31 34 34 31 43
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As mentioned, a trip/vacation (45%) and an emergency fund (32%) are the two things most likely to be saved for on monthly bases. Retirement, home improvement and an automotive are also items Canadians mention they want to save for monthly this year. While higher income households want to save for a trip, households with children are anxious to save for an emergency, retirement, home improvement or college.
The financial goals of the average Canadian appear to require at least $24,600 in order to meet everything on their 2013 wish list. Those who are middle aged, households with children or who are married said they needed the most to meet their 2013 savings.
Which of the following areas do you want to save for on a monthly basis this year?
TotalGender Age Household
IncomeChildren in Household Married
Male Female 18-34 35-54 55+ <$60K $60K+ Yes No Yes No
Trip/vacation 45 43 46 49 44 42 38 54 48 43 49 38
Emergency Fund 32 29 34 35 35 25 32 33 37 29 30 30
Retirement 26 27 25 23 38 21 19 40 34 24 29 20
Home improvement 22 19 25 18 41 17 16 33 28 21 28 13
Automotive 16 17 15 19 16 13 16 19 15 16 16 18
Other major purchase 12 12 12 16 12 8 12 12 13 11 10 13
Home purchase 11 10 12 24 8 3 7 14 12 9 9 16
College fund 10 8 12 22 10 1 9 10 21 6 8 18
None of the above 17 18 16 12 13 22 21 10 10 20 19 17
If you were going to Las Vegas tomorrow, how much would you have to win to meet your 2013 financial savings wish list?
TotalGender Age Household
IncomeChildren in Household Married
Male Female 18-34 35-54 55+ <$60K $60K+ Yes No Yes No
0 to less than $5,000 26 28 25 11 26 29 28 22 21 29 31 19
$5,000 - $15,000 26 25 27 28 22 20 28 28 26 24 21 22
$15,001- $35,000 24 23 33 30 22 19 30 28 27 23 21 25
Over $35,000 25 24 25 22 29 23 24 21 25 24 26 24
Mean 24.6 24.4 24.6 24.6 27.3 21.4 24 24.2 25.5 23.9 25.2 25
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C ANADIANS C ARVE UP LOONIE
Because eNation is fielded seven days a week,
you can measure public opinion and consumer attitudes any
time - quickly and affordably.
MethodologyThe Ipsos Canada eNation online omnibus survey launches every business day. Each survey (wave of eNation) consists of a minimum of 1,000 completes with adults 18 years of age or older in Canada. The sample consists of individuals selected from the online segment of Ipsos’ iSay/Ampario Panel, and is balanced to be representative of the general population based upon region, gender, age, and education data from Statistics Canada. The selected individuals receive a customized e-mail inviting them to participate.
Ipsos Canada eNation online omnibus survey results are tabulated by two standard demographic banners.
A. GENDER, AGE, EDUCATION
B. REGION, INCOME, HOUSEHOLD COMPOSITION
eNation’s standard data tabulations are provided in a weighted format. The data are weighted to give appropriate representation on various demographic factors, including: age, education, region, and gender. The 2011 Census figures available from Statistics Canada are used to determine the weighting targets for each demographic factor.
To request complimentary access to this study, or to learn more about eNation, please contact us.
Ipsos Public AffairsIpsos Public Affairs is a non-partisan, objective, survey-based research practice made up of seasoned professionals. We conduct strategic research initiatives for a diverse number of Canadian and international organizations, based not only on public opinion research, but elite stakeholder, corporate, and media opinion research.
Ipsos has media partnerships with the most prestigious news organizations around the world. Ipsos Public Affairs is the international polling agency of record for Reuters News, the world’s leading source of intelligent information for businesses and professionals, and the Hispanic polling partner of Telemundo Communications Group, a division of NBC Universal providing Spanish-language content to U.S. Hispanics and audiences around the world.
Ipsos Public Affairs is a member of the Ipsos Group, a leading global survey-based market research company. We provide boutique-style customer service and work closely with our clients, while also undertaking global research.
To learn more, visit: www.ipsos-na.com
Rhys Gibb
Vice President Ipsos Reid 778.373.5112 [email protected]
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