A recent survey by online bank Tangerine found that 69% of Canadians have made New Year’s resolutions and that, of those, more than half (54%) focused on improving their physical well-being and nearly a third (32%) pledged to improve their financial health.
That pattern extends into 2018, with over a quarter (28%) of Canadians committing to better money management practices in the coming year.
Millennials in particular have good intentions, with nearly half (49%) stating their intent to make a money-related resolution this year.
For 2018, Canadians who plan on making money-related resolutions identified spending less (45%), saving more (41%) and paying down credit card debt (31%) as part of their goals. A fifth of Canadians (19%) said they would like to start investing more in general.
“While it’s encouraging that Canadians have money on their minds this January and are setting goals across the financial spectrum, it’s also important to remember that it’s the long-term habit of saving and investing that’s going to get you ahead,” says David McGann, director of Tangerine Investments.
Of those survey respondents who have made a money resolution in the past, 55% said they kept their resolution for up to 12 months, while a quarter (26%) of millennial money resolution-makers kept theirs for a month or less.
In terms of motivation, Canadians just want to feel financially secure. When asked what motivated them to make money-related resolutions, 58% said they do so because they feel financially insecure; and 37% said it was because of retirement.
From Dec. 5 to 11, 2017, an online survey was conducted among 1,005 randomly selected Canadian adults who are Angus Reid Forum panelists. The sample was balanced on age, gender and region.