Make sure clients don’t live beyond their means

There’s no shortage of financial stressors for your clients, even for those who say they’re on track to meet their financial goals.

A new poll finds that even though 73% of Canadians are confidant in their financial plans, nearly 65% still say they could improve their financial habits. In fact, nearly half (43%) say they don’t regularly save money, while one quarter admit to overspending and living beyond their means.

Read: Young clients failing to plan, save for retirement

Other top concerns include:

• not sticking to budgets (17%);
• accumulating debt (17%); and
• failing to pay monthly credit card bills (16%).

On the upside, the poll says most Canadians (66%) have reviewed their financial goals in the last six months. Most people want to save for retirement (43%) and save for dream vacations (33%). The full list of people’s goals includes:

• repaying loans (32%);
• purchasing vehicles (31%);
• paying mortgages (29%);
• purchasing houses or condos (22%);
• saving for life events (18%); and
• saving for children’s educations (18%).

Read: Encourage clients to talk to kids about educations

To achieve these goals, says the poll, most Canadians are putting together budgets (51%) and examining monthly spending habits monthly (55%).

Read:

Half of Canadians foggy on what can go in TFSA

10 features of an ideal retirement system

Almost half of homeowners make extra mortgage payments