But if the thought of filing your taxes doesn’t make you blue, or even the snow that’s falling as I write this, maybe the thought of credit-card bills from the holidays will do the trick. Credit Canada and the Financial Planning Standards Council today released the results of a Blue Monday themed Financial Blues survey that revealed that 53% of Canadians are “already feeling financially blue, with the younger generations struggling.”
The Financial Blues Survey was based on a Leger poll that asked Canadians “when it comes to your finances, what makes you blue this time of year?”
Well, bowl me over with a feather: the start of another tax season didn’t make the cut in the poll, or at least the top five “standout” findings. Here’s the top candidates for feeling blue in January:
- 20% of us have a credit-card balance larger than our savings accounts
- Younger adults aged 18 to 44 are especially blue about finances right now: 68% of them versus just 41% for adults aged 45 or older
- 25% of us lack the funds to take a winter vacation in the sun
- 6% have already broken their financial new year’s resolutions
- 21% over-spent during the Holidays
Credit Canada CEO Laurie Campbell says that while “we are seeing a good deal of Canadians stressed out about their financial situation … the takeaway message is that there is hope. Develop a plan, tackle debt, and realize your financial potential. There are professional resources available to you, so don’t feel you need to go it alone.”
3 health tips and 3 financial tips
The two organizations provided three tips to get in shape: Credit Canada’s three tips for getting into shape are to weigh in and get real, count your calories and consider getting help through a personal trainer. While on the topic, I’ll mention that here at the Hub we ended the year with a review of the book Younger Next Year, which helped inspire the creation of a new Younger This Year – 2018 Facebook group, already more than 175 members strong across North America as well as a couple of international members. (I’m the Canadian administrator, the American administrator is Rochester-based Vicki Peuckert Cook.)
But we digress. Here are the three financial tips, which you’ll notice parallel the health and fitness tips:
1.) Weigh in financially: figure where you are, how much you owe and the interest you are paying and weigh them against your income and benefits.
2.) Count your financial calories: Consider the 30-day anti-budget, an exercise in awareness and behavioural change.
3.) Get help: Get a professional to help you: if overwhelmed by debt, seek a non-profit credit counsellor, or if you’re ready to plan for the future, access a Certified Financial Planner.
The survey of 1,550 Canadians was conducted early in January using the online panel, LegerWeb.