According to an Ipsos Reid poll conducted on behalf of Investor Education Fund, half of Canadians (46%) always budget their money but one-quarter (24%) say they don’t budget their money at all. Other Canadians tend to budget for specific purchases or contingencies. Two in ten (17%) Canadians budget for big ticket items only, such as events, vacations, and gifts, while only 13% say they budget for emergencies. Highlights include:
- Women (49%) are more likely than men (43%) to always budget their money, while men (28%) are more likely than women (21%) to say they don’t budget.
- Middle-aged Canadians (27%), aged 35-54, and Canadian seniors (28%), aged 55+, are more likely to say they don’t budget their money compared to young Canadians (16%), aged 18-34. By contrast, younger Canadians (49%) are more likely to always budget their money compared to middle-aged (44%) and senior (45%) Canadians.
- One-quarter of Canadians making less than $40,000 annually (26%), between $40-$60,000 annually (26%), and between $60-$100,000 annually (24%) say they don’t budget their money, compared to two in ten (19%) of those making over $100,000 annually.
- Those making between $40-$60,000 annually (50%) and less than $40,000 annually (46%) are also more likely to always budget their money, compared to those making between $60-$100,000 annually (42%) and $100,000+ annually (42%).
- Canadians with higher incomes ($60-$100,000 annually – 21%, $100,000+ annually – 25%) are more likely to budget for big ticket items than those making lower incomes (Less than $40,000 annually – 15%, $40-60,000 annually – 10%).
- Interestingly, there is no significant difference between parents and those without children when it comes to budgeting. A minority of parents (43%) and those without children (46%) say they always budget their money. One-quarter of parents (23%) and Canadians without children in the household (26%) say they never budget their money. However parents (20%) are more likely to budget for big ticket items than those without children (15%).
Read the report.
