Canadian families say they’re on top of managing their finances, but the facts tell a different story. A recent survey conducted by MasterCard Canada reveals that almost nine out of 10 Canadians feel comfortable managing their family’s day-to-day finances.

Yet, recent Statistics Canada data shows the current personal savings rate, which is the difference between disposable income and what people spend, reached -0.6 per cent in 2005, sliding into negative territory for the first time since 1961.

To help Canadian families achieve solid financial health, MasterCard Canada, in conjunction with Credit Counselling Canada, today launched the MasterCard Family Finance Reality Check. The campaign includes an interactive quiz designed to help families assess their financial management strategies and a guide for Canadian families that provides basic money management rules, as well as advice on communicating about family finances.

“Canadian families need a reality check,” says Laurie Campbell, spokesperson for Credit Counselling Canada. “While people think they’re managing their money well, they clearly aren’t. Canadians need to start the process of becoming solid financial managers by being honest with themselves and their families.”


In addition, MasterCard Canada and Credit Counselling Canada have developed “If Piggy Banks Could Talk – A guide for Canadian families”. The guide addresses basic money management rules and provides advice on communicating about family finances including goal setting, budgeting, saving and managing credit.

The national survey of 1,000 Canadians 18 years of age and over was carried out by telephone between August 11 and August 16, 2005 by Environics Research Group on behalf of MasterCard Canada. Results are considered accurate to within plus or minus 3.1%, 19 times out of 20.