Our Disclosure

The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Read our disclosure.

Savvy New Canadians Financial Outlook Survey Results 2023

Published:

Fact Checked

A new survey by Savvy New Canadians, a personal finance website with over 400,000 monthly visitors, reveals more than half of Canadians have a negative outlook when it comes to their personal finances, even though the majority changed their spending habits to curb debt accumulation.

One key survey finding is despite budgeting being one of the best ways a person can take charge of their money, alleviate debt, and save for the future, one-third (33%) of respondents don’t have one.

“Without a budget, Canadians risk overspending, accumulating debt, and even falling into financial hardship. Knowing exactly how your income is being allocated is the first step in setting yourself up for financial success. Even someone who has significant disposable income could be surprised to find out they’re spending a large chunk of it on dining out, so in this case, creating a budget could prompt them to divert half of that to retirement savings,” says Enoch Omololu, personal finance expert and founder of Savvy New Canadians.

When asked what their biggest financial concern is, 36% said they worry their investments will decline, while one-quarter (23%) worry they won’t have enough money saved for retirement.

Considering mounting inflation across the country, it’s not surprising that a hefty 54% of respondents said they have a negative outlook on their personal finances. Some of the sacrifices respondents said they had to make included cutting back on hobbies and entertainment to more grave ones, like having to drop out of post-secondary education or having to sell a house or car.

Omololu adds, “These larger cutbacks, where someone has to forgo an education, for example, may only affect a handful of respondents or so, but these decisions can have lasting impacts on individuals and families. Having to sacrifice furthering your education in order to keep your housing could easily result in this person becoming trapped in a paycheque to paycheque cycle, making it difficult for them to return to their studies.”

Perhaps the best takeaway from the survey: when asked what piece of financial advice had been the most beneficial, 41% of respondents selected ‘live within your means.’ A simple but sometimes difficult-to-follow bit of guidance in a highly commercialized world.

Other takeaways from the survey are:

Financial changes made in preparation for a possible recession: 33% of respondents updated their budget to reduce spending, 22% are looking for a better paying job, and 14% have taken or are looking for a second job or side hustle.

Financial cutbacks in the last year or two: 53% reduced spending on entertainment and dining out, 8% cut spending on extracurricular activities, and 24% have not made any changes.

What would help you the most with your current and future financial situation: 42% think having extra income to invest is the key to improving their finances, and 16% of respondents would consider moving to a less expensive area to better their financial situation.

The survey was conducted by Enoch Media Inc. and polled 652 Canadians aged 18+ between December 20, 2022, and January 16, 2023. Further details are shown in the infographic below.

Savvy New Canadians Financial Outlook Survey 2023 Infographic

Best Freebies and Deals This Month

Get a $20 bonus + Earn up to 5% cash back and Interest with this FREE Card

Best free reloadable prepaid card with a $20 signup bonus after your first purchase.

Earn up to 5% unlimited cash back on purchases for the free no-fee card.

Enjoy 3x more savings interest on your entire balance than the big banks.

Guaranteed approval card, free unlimited transactions, & budgeting app.

Add on credit-building and get free monthly Equifax credit score checks.

Best FREE chequing account offer in Canada with $400 cash bonus

$400 cash bonus when you set up a direct deposit of $100 for 3 months.

Forget about monthly account fees or minimum balance requirements.

Unlimited free debits and Interac e-Transfer transactions.

Earn high-interest rates on a free savings account (6.00% savings offer).

Get the prepaid card that pays interest and unlimited cash back

One of the best no-fee prepaid debit cards in Canada.

Get 0.50% unlimited cash back on all purchases.

Earn 4.00% interest on your entire balance.

No ATM withdrawal fees and no FX fees when you spend abroad.

Author

Gravatar for SavvyNewCanadians Team
SavvyNewCanadians Team

The SavvyNewCanadians Team work to break down Canadian personal finance information into easy-to-understand, actionable bits. Drawing from education in finance and over 20 years of combined experience writing about money matters, we aim to help you make smarter money decisions. You can learn more about the SNC team.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

Free financial education

Expert advice

Free resources

Detailed guides

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.