One third of Canadians admit winning the lottery or receiving a large inheritance is part of their plans for a secured financial future, according to a recent survey commissioned by Credit Canada Debt Solutions and Capital One Canada.

At the same time, more than two thirds have felt anxious or lost sleep thinking about their financial situation over the past year.

“It’s troubling to see so many Canadians putting more trust in the lottery than sound financial planning — but I see the effects every day in our agency,” said Laurie Campbell, CEO, Credit Canada Debt Solutions. “Canadians need to recognize that there is no magic solution to gaining control of their finances. It means hard work and sticking to a budget determined by income.”

More than two-thirds of those surveyed revealed they spend beyond their monthly budget. Most admitted temptation and reward were the biggest reasons they overspent.

The biggest temptation mentioned by respondents was food. Three-quarters of Canadians confess to overspending on groceries, and more than half blow the bank on eating out.

“Overspending is a real issue for many Canadians and even though they know what to do, a quarter of us are still not confident we can stick to a monthly budget. These types of findings exemplify why Capital One continues to invest in financial literacy initiatives,” said Rob Livingston, president, Capital One Canada. “We all deserve a treat sometimes and if we plan for it in advance, we are better positioned to stay with our financial means.”

They survey also revealed gender traits around spending and overspending:

  • women are more likely than men to overspend on groceries, clothing and personal care products, whereas men are more likely to overspend on bigger ticket items like education, shelter and vehicles;
  • in the past year, 40% of women felt anxious about not being able to pay their bills, as compared to 28% of men; and
  • in planning for a secure future, men are more likely to hope for a salary increase at their current job, whereas women are more likely to hope for a new job that pays significantly more.

In September 2012, Credit Canada Debt Solutions and Capital One Canada commissioned a survey of 822 Canadians who have made a resolution regarding their spending behaviours. The survey respondents were equally distributed across the 4 major regions of Canada (West, Ontario, Quebec and East) and the margin of error is +/- 3.4%, 19 times out of 20.