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Quebecers anxious about their finances

Quebecers anxious about their finances


More than two out of five Quebecers (42%) are anxious about their financial situation, says a survey conducted by the firm Leger at the request of Raymond Chabot Grant Thornton (RCGT). According to the document, anxiety tends to increase in the holidays and at the end of annual holidays.


Two out of three (66%) say they are indebted. Moreover, a quarter of respondents feel that their financial situation has deteriorated over the past three years.

"Our survey confirms that personal finance management is now a headache for Quebecers. But at the same time, it has always been difficult to manage money, "said Eric Lebel, partner at RCGT.

Leger made 12 major findings after examining the financial habits of Quebecers. In addition to analyzing the financial position of Quebecers, the polling firm asked about the budget, consumption, credit and savings.

In the pane on the budget, the pollster noted that most Quebecers (85%) are used to pay bills before maturity. But 33% of respondents admitted to having already dipped into their savings to pay bills.

The main budget items of Quebecers are, of course, the rent or mortgage and groceries. The survey data show that these expenses account for 52% of the average net monthly income of the respondents.

Lightweight and RCGT also found that many people have behaviors that could affect their finances. For example, 60% of respondents said often make unplanned purchases because of the coveted items are on discount. A quarter of respondents also indicated making unnecessary purchases and experience regret after a purchase.

 Consumption

In the credit-bearing component, we learn that pay the balance of a credit card is not evident for more than half of Quebecers. According to the survey, 43% of respondents admitted not always achieve pay the balance standing to their account while 14% never get to do.

"In Quebec, there are about 40 000 people who have financial difficulties, annually. These are people who have a hard time making ends meet. And sometimes must pay for groceries with credit cards, "said Eric Lebel.

The study commissioned by RCGT also confirms that Quebecers have difficulty planning for retirement and save. About half of respondents (51%) have no pension plan financed by employers and 40% do not have a registered retirement savings plan (RRSP).

As for savings, 22% say they are not able to put money aside. Moreover, 47% of Quebecers have less than $ 3,000 in an emergency fund to deal with unforeseen.

 Five profiles of Quebecers

As part of the study, Léger has established five profiles to define the relationship that Quebecers have with their finances.

The "trainer" (16% of Quebecers) is a being in control that plans and anticipates his every move.

The "magician" (34%) is unpredictable and flamboyant. He manages to reveal what he wants to take risks.

The "juggler" is rather carefree, thank you for a wind of change could just tilt.

Then come the "contortionist" and "stunt". The first is desperate to keep his head above water while the second carbide danger in excessive life where the chances of falling are high.

The survey was conducted among 1002 Quebecers aged 18 and over, between 3 and 12 December 2015.

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Master of Economics, University of Harvard, worked as an analyst in a few large companies and specializes in many countries. Currently owned by a large company that conducts assessment of investment attractiveness in the various countries of the world.