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Thought Starter: Canadians Carve Up the Loonie

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Part of a good financial plan includes saving for a rainy day – especially anyone living in Vancouver like myself (pun intended). However, saving for a trip/vacation (possibly getting away from the rain) actually factors more highly among Canadians, especially women.

How consumers feel about money (spending it or not spending it) can help industries across Canada forecast sales and production, especially small and medium size businesses that can more easily recalibrate priorities after reviewing a quick snapshot of the market. This month’s eNation survey focused on Canada’s financial footing. Find out more about how consumers are planning to spend their money in 2013.

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Thought Starter: Canadians Carve Up the Loonie

  1. 1. CANADIANS CARVE UP LOONIEPublic Affairs Thought Starter MARCH 2013 Part of a good financial plan includes saving for a rainy day – especially anyone living in Vancouver like myself (pun intended). However, saving for a trip/vacation (possibly getting away from the rain) actually factors more highly among Canadians, especially women. How consumers feel about money (spending it or not spending it) can help industries across Canada forecast sales and production, especially small and medium size businesses that can more easily recalibrate priorities after reviewing a quick snapshot of the market. This month’s eNation survey focused on Canada’s financial footing. Conducted in February 2013, the results found that 43% of Canadians said they would like to both, spend less and save more money, as their financial wish for 2013. Approximately one-fourth said they have no wish to change their savings or spending in 2013; however, this was significantly higher for those over 55 years of age. Those with children are much more likely to have their goal be to save money than those households without children. Which one of the following statements best describes your financial wish for 2013? Household Children in Gender Age Married Total Income Household Male Female 18-34 35-54 55+ <$60K $60K+ Yes No Yes No To both spend less and save 43 40 46 44 45 40 42 43 43 43 49 42 more Will not change saving or 24 28 20 12 17 40 23 24 15 27 30 16 spending in 2013 To save 23 22 24 34 26 10 24 24 32 19 18 32 more money To spend 10 10 10 10 10 11 11 8 9 10 8 10 less money Among all Canadians, those who are younger (18 – 34 years of age), or have children, are the most likely to have set specific financial goals for 2013. Men (40%) are also far more likely to have clear goals compared to women (33%). Men are also far more likely to have a financial plan for reaching their goals compared to women (73%; 59% respectively). Have you set any specific financial goals for 2013? Household Children in Gender Age Married Total Income Household Male Female 18-34 35-54 55+ <$60K $60K+ Yes No Yes No Yes 37 40 33 47 38 27 37 40 45 32 34 40 No 63 60 67 53 62 73 63 60 55 68 66 60 If yes, have you made a financial plan for reaching your 2013 goals? Yes 66 73 59 59 67 74 62 69 66 66 69 57 No 34 27 41 41 33 26 38 31 34 34 31 43 ? ? ? 1?
  2. 2. C ANADIANS C ARVE UP LOONIE As mentioned, a trip/vacation (45%) and an emergency fund (32%) are the two things most likely to bePublic Affairs Thought Starter saved for on monthly bases. Retirement, home improvement and an automotive are also items Canadians mention they want to save for monthly this year. While higher income households want to save for a trip, households with children are anxious to save for an emergency, retirement, home improvement or college. Which of the following areas do you want to save for on a monthly basis this year? Household Children in Gender Age Married Total Income Household Male Female 18-34 35-54 55+ <$60K $60K+ Yes No Yes No Trip/vacation 45 43 46 49 44 42 38 54 48 43 49 38 Emergency Fund 32 29 34 35 35 25 32 33 37 29 30 30 Retirement 26 27 25 23 38 21 19 40 34 24 29 20 Home 22 19 25 18 41 17 16 33 28 21 28 13 improvement Automotive 16 17 15 19 16 13 16 19 15 16 16 18 Other major 12 12 12 16 12 8 12 12 13 11 10 13 purchase Home purchase 11 10 12 24 8 3 7 14 12 9 9 16 College fund 10 8 12 22 10 1 9 10 21 6 8 18 None of the 17 18 16 12 13 22 21 10 10 20 19 17 above The financial goals of the average Canadian appear to require at least $24,600 in order to meet everything on their 2013 wish list. Those who are middle aged, households with children or who are married said they needed the most to meet their 2013 savings. If you were going to Las Vegas tomorrow, how much would you have to win to meet your 2013 financial savings wish list? Household Children in Gender Age Married Total Income Household Male Female 18-34 35-54 55+ <$60K $60K+ Yes No Yes No 0 to less than 26 28 25 11 26 29 28 22 21 29 31 19 $5,000 $5,000 - 26 25 27 28 22 20 28 28 26 24 21 22 $15,000 $15,001- 24 23 33 30 22 19 30 28 27 23 21 25 $35,000 Over $35,000 25 24 25 22 29 23 24 21 25 24 26 24 Mean 24.6 24.4 24.6 24.6 27.3 21.4 24 24.2 25.5 23.9 25.2 25 ? ? ? 2?
  3. 3. C ANADIANS C ARVE UP LOONIE Methodology Public Affairs Thought Starter The Ipsos Canada eNation online omnibus survey launches every business day. Each survey (wave of eNation) consists of a minimum of To request complimentary access to this study, or to learn more about eNation, please contact us. 1,000 completes with adults 18 years of age or Rhys Gibb older in Canada. The sample consists of Vice President individuals selected from the online segment of Ipsos Reid 778.373.5112 Ipsos’ iSay/Ampario Panel, and is balanced to rhys.gibb@ipsos.com be representative of the general population based upon region, gender, age, and education data from Statistics Canada. The selected Ipsos Public Affairs individuals receive a customized e-mail inviting Ipsos Public Affairs is a non-partisan, objective, them to participate. survey-based research practice made up of Ipsos Canada eNation online omnibus survey seasoned professionals. We conduct strategic results are tabulated by two standard research initiatives for a diverse number of demographic banners. Canadian and international organizations, based not only on public opinion research, but elite A. GENDER, AGE, EDUCATION stakeholder, corporate, and media opinion B. REGION, INCOME, HOUSEHOLD research. COMPOSITION Ipsos has media partnerships with the most eNation’s standard data tabulations are provided prestigious news organizations around the in a weighted format. The data are weighted to world. Ipsos Public Affairs is the international give appropriate representation on various polling agency of record for Reuters News, the demographic factors, including: age, education, world’s leading source of intelligent information region, and gender. The 2011 Census figures for businesses and professionals, and the available from Statistics Canada are used to Hispanic polling partner of Telemundo determine the weighting targets for each Communications Group, a division of NBC demographic factor. Universal providing Spanish-language content to U.S. Hispanics and audiences around the world. Ipsos Public Affairs is a member of the Ipsos Group, a leading global survey-based market research company. We provide boutique-style customer service and work closely with our clients, while also undertaking global research. Because eNation is To learn more, visit: www.ipsos-na.com fielded seven days a week, you can measure public opinion and consumer attitudes any time - quickly and affordably. ? ? ? 3 ?Copyright ©2013 Ipsos Public Affairs. All rights reserved. 1 3 - 0 2 - 3 4

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