What Do Canadians Really Regret?

Packing on the pounds during the holidays may not be the only regret for a majority of Canadians.

When polled last week by Edward Jones, a financial services firm, most Canadians revealed that if given the chance, they would turn back the clock and choose a different strategy for pursuing their financial goals.

According to the survey, 82 percent of those under 44 years old “would hit the reset button” on their financial decisions – compared to 61 percent of those 65 and over. The age gap broke down like this…

  • Save more for long-term goals: 56 percent (47 percent among seniors)
  • Pay off debt faster: 30 percent (26 percent seniors)
  • Build an emergency fund: 30 percent (22 percent seniors)

“While Canada’s seniors lead the way in terms of financial satisfaction, the good news for younger generations is they still have lots of time to put a revised strategy in place to pursue financial goals,” says Patrick French, Edward Jones’ director of financial and retirement planning. “By working with an advisor to review your financial situation and put an investment strategy in place, you too can be satisfied with your financial decisions.”

Jeffrey Schwartz, executive director of Consolidated Credit Counseling Services of Canada, Inc., agrees – and then some.

“Investment advisers are great if you have savings, but if you have debt, you also need an adviser – a trained credit counsellor,” Schwartz says. “The proven method for building up your savings is not only to get out of debt, but to also learn the skills to stay out of debt.”

Consolidated Credit offers a wide-range financial resources designed to help consumers get ahead – from those who are just starting out to people looking to get the most out of their golden years. Visit Consolidated Credit’s retirement section to start mapping out an effective strategy and use this budgeting advice to help you get ahead.

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