Seventy-six per cent of Ontarians with a household budget have taken positive measures to improve their finances over the last year, however 46 per cent feel they are lagging behind their peers financially, says a new study from Meridian.
In addition, 29 per cent of respondents said they have trouble keeping up with monthly expenses.
"While it's encouraging to see that many Ontarians are making a proactive and concerted effort to control their personal finances, our study clearly shows that even with good financial habits in place, many people are still uncertain of where they stand financially," stated Wade Stayzer, Vice president, Retail at Meridian in a Nov. 27 announcement. "Having a household budget is a fundamental first step to getting your financial house in order but it's just one part of a bigger picture."
The study found forty-two per cent of respondents say they regularly deviate from their budget. Overspending typically occurs with unexpected expenses and non-essential luxury purchases. Over half (55 per cent) said increased interest rates would impact their spending habits, and 44 per cent would have to make adjustments to make ends meet if interest rates increase.
Working with trusted advisor
"Managing personal finances can certainly be stressful for many people and our study shows that many seem to be learning as they go along," says Stayzer. "By working with a trusted financial advisor you can get expert budgeting advice that can help you reach your financial goals – whether it be getting out of the red or building a healthy nest egg."