Financial Fitness Index

The Financial Fitness Index Research benchmarks insights into the personal financial fitness of Canadians.  In February 2014, 1,507 interviews took place with individuals from across Canada.

 

Canadian Financial Fitness

only 48% in Great or Pretty Good Shape

2014 Financial Fitness Index

 

 

2014 Financial Fitness Index, Region, Age and Gender, CACCS

Top 25 Financial Fitness Index Statistics

  1. Half of respondents say debt is not in their life (29%) or that debt and they are content together (21%).
  2. Slightly fewer say debt and they are unhappy together (21% in 2014 vs. 24% in 2013).
  3. Over one in ten (15%) say that debt and they sometimes have sleepless nights while less than one in ten say debt and I often argue and fight (7%) or are headed for divorce (7%).
  4. Among telephone respondents, slightly more now say they are in very poor/not very good shape (14%, up from 11% and the highest since measurement began in 2007), and the proportion saying they are in neither good nor bad shape has grown slightly from 28 percent to 30 percent. Fewer now say they are in very good/great shape (54%, down from 56%).
  5. From online respondents, nearly half (48%) say their Financial Fitness is great (10%) or good (38%), up from 44 percent in 2013, 40 percent in 2012 and the 46 percent in 2011. The proportion saying their Financial Fitness is not very good/very poor has decreased slightly from 21 percent in 2013 to 20 percent in 2014, which is equal to the 20 percent in 2011.
  6. One quarter of Canadians (25%, up from 22%) say their financial situation improved in the past year, while slightly fewer say it got worse (18%, down from 20%). Unchanged, more than half of Canadians (57%) say their financial situation did not change in the past year.
  7. Looking ahead, just over four in ten (43%, down from 46%) expect their financial situation to improve in the coming year, while a somewhat larger proportion (50%, up from 47%) expect it to stay the same. Only 7 percent expect it to get worse.
  8. Nearly four in ten (38%) say they were able to save money in the past year, up from 35 percent in 2013 and 31 percent in 2012. Over four in ten (43%) say they managed to pay their bills but their savings did not grow, while fewer respondents than in 2013 had to draw down savings (11%) or had to borrow money to get by (8%).
  9. Up slightly from 2013, half (51% vs. 48%) say they pay their credit cards in full each month, while 28 percent pay more than the minimum, but less than the full balance. Only 7 percent pay the minimum, while 5 percent have trouble paying even the minimum. One-in-ten (10%) do not have credit cards.
  10. Unchanged since 2013, three in ten (31%) say their credit rating is a true reflection of who they are. A similar proportion say that they and their credit rating are good friends (30%).
  11. While 67 percent are confident in their long-term financial health and 59 percent have a long-term financial plan, 60 percent are concerned about an unexpected expense impacting their ability to pay the mortgage.
  12. Unchanged from 2013, seven in ten (71%) would be concerned about their ability to pay their mortgage if interest rates were to rise, while a similar proportion would be concerned if they or their partner lost their jobs (71%, up slightly from 69%).
  13. A further 50 percent are concerned about job loss, while 44 percent are concerned about making ends meet month to month.
  14. Less than half (46%, down from 50%) would be concerned if their paycheque was delayed by 2 weeks.
  15. Unchanged since 2013, three in ten (31%) say their credit rating is a true reflection of who they are while a similar proportion say that they and their credit rating are good friends (30%).
  16. One-quarter of respondents say that they don’t know their credit rating (25%, down slightly from 27%).
  17. One in ten (8%) say their credit rating is not at all a reflection of who they are.
  18. Five percent declare that they and their credit rating need couples counseling.
  19. Three in ten (29%, up slightly from 27%) agree that debt is not in their life (I have no debt now).
  20. Two in ten (21%, down from 24%) say that they and debt feel unhappy together.
  21. Two in ten (21%) say they feel content with debt.
  22. Over one in ten (15%) say that they and debt sometimes have sleepless nights
  23. Less than one in ten (7%) say they and debt often argue and fight, while another 7% say they and debt are headed for divorce.
  24. 95% say that all children should be taught the basics of personal finance and budgeting while in school.
  25. The vast majority (93%) say that people should receive education about credit before they get their first loan/credit card.

This annual research is conducted by Environics Research Group on behalf of the Canadian Association of Credit Counselling Services and Genworth Canada.  If you would like to know more, please send your inquiry via email to: info@caccs.ca.