Canadians Carve Up the Loonie

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.

One of our recent eNation surveys 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).

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.

Methodology

The 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.