A survey by an investment firm found that 61 per cent of Canadians often look to their friends and wonder how they can afford their lifestyles. And it seems that looking at the purchases of other may influence people to buy items they cannot afford.
An overwhelming majority (93 per cent) of respondents said they felt remorse and admitted they had regrettable spending habits. This was slightly more pronounced among those 18 to 34 years old. They were more likely to regret spending money on clothing /shoes. Those in the 55-65 age group called the baby boomers were more likely to regret spending money on jewellery.
Only 44% have a financial strategy
More Canadians (83 per cent) regretted spending money on tangibles compared to the 71 per cent who regretted spending on experiences.
The investment firm suggested that people should have a financial strategy and, if they enjoy spending money spontaneously, they should plan for it. The survey found only 44 per cent of respondents has a financial strategy and sticks to it.
As to whether they think they should have their finances in order, 75 per cent said they should by the time they reach the 18-34 age group, but only 38 per cent of those young people actually do have a strategy and stick to it.