Personal finances are front and centre this week. Not only is it Black Friday, the kickoff for the Christmas retail season, we are also just a week away from the end of Financial Literacy month in Canada so both spending and saving are getting some airtime these days.
One bank survey says the approach of the Christmas gift giving season is causing financial anxiety for just over half of us as we worry about rising living costs. The BMO study also found most people have resolved themselves to spending less on gifts this year although they may actually spend more on individual items — just fewer of them.
And the majority – about three-quarters of those surveyed – figure it will take three months to pay off the bills they generate in the next month.
Meanwhile, over at CIBC, their polling related to financial wellbeing found a lot of us want help in money management. We figure we’re pretty good at making and spending money for day-to-day stuff but we could use help on investing and higher level money management such retirement saving or how to offset inflationary costs.