Canadians unwilling to drop bad spending habits

By Prajakta Dhopade on June 23, 2015
Estimated reading time: 1 minute

About 13% avoid looking at their bills altogether

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spending habits — (Getty Images – Betsy Van Der Meer)

For the many Canadians, improving their financial situation is just wishful thinking. According to a new survey by BMO Bank of Montreal, while 88% of Canadians said that they would like to better the state of their finances, a third said they’re not willing to make the sacrifices to do so. However, this stubborn attitude isn’t preventing more than a third of Canadians from regretting past money mistakes. Around 37% of participants regret spending outside of their means, while 36% lament making impulse purchases. READ: Student debt-free in just 2 years » So what’s the cause of their fiscal woes? Around 38% blame bad spending and saving habits for negatively affecting their finances. In fact, 17% say they have actually felt ashamed or embarrassed by the state of their financial situation and 13% have avoided glancing at their statements or bills altogether. READ: How to pay off the mortgage in just six years » “Without healthy routines it’s easy for people to develop a negative relationship with their financial situation, but that doesn’t mean there aren’t ways to change things for the better,” BMO’s Christine Canning said in a press release. Actually looking at your bills would be a great start. Contributing monthly to a fixed savings plan is another way to offset spending. In fact, according to an April BMO household savings report, 31% of Canadians had a fixed savings plan going into 2015, 19% more than in 2014. “Start by taking small, deliberate steps to reverse bad spending or savings habits to begin building positive momentum,” said Canning, “then, put strategies in place to help you stick to the program.”