Is it really only the one per cent who have it made while the rest of us struggle?
More like the 39 per cent and the 52 per cent. That’s the split between between those of us who have no money worries and those of us who do, according to a new Canadian study. (Another nine per cent don’t like to reveal that kind of information to pollsters.)
The Chartered Professional Accountants surveyed 1,000 Canadians about their tax refunds and their financial habits and the findings suggest that money worries have less to do with income and more to do with age. Or, more precisely, whether you’re a new college grad, a working parent or a retiree.
Canadians aged 65 and older were the least worried about money, according to an earlier survey by the same organization. Meanwhile, more than 60 per cent of Canadians aged 35-44 were concerned about their finances. Half of those aged 18-24 worried about what was in their wallets.
Overall, 52 per cent of us now say we worry about money, up slightly from 50 per cent late last year.
The survey also asked Canadians how they planned to use their tax refunds this year (44 per cent of us got cash back from the government.)
Just 18 per cent planned on saving or investing the money. Nearly 30 per cent said they would use it to pay down debt. Five per cent expected it to go toward their children’s education. The remaining 47 per cent planned to spend it either on daily living expenses, home improvements, or splurging on things like vacations, cars and electronics.