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Retirement Plans Include Winning Lottery

One-third of Canadians admit winning the lottery or receiving a large inheritance is part of their plans for a secured financial future, says a survey for Credit Canada Debt Solutions and Capital One Canada. At the same time, more than two-thirds have felt anxious or lost sleep thinking about their financial situation over the past year. "It's troubling to see so many Canadians putting more trust in the lottery than sound financial planning, but I see the effects every day in our agency," says Laurie Campbell, CEO, Credit Canada Debt Solutions. "Canadians need to recognize that there is no magic solution to gaining control of their finances. It means hard work and sticking to a budget determined by income." More than two-thirds of those surveyed revealed they spend beyond their monthly budget. Most admitted temptation and reward were the biggest reasons they overspent with the biggest temptation being food. Three-quarters of Canadians confess to overspending on groceries and more than half blow the bank on eating out.

Courtesy of Benefits and Pensions Monitor website News Alerts

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