Tag: consumer debt

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What would you do with a Million Dollars?

A new study reveals that 8 out of 10 Canadians said that if they won $1 million in the lottery they would pay off their debts.

The survey from the Canadian Payroll Association was released on Monday.  It showed some troubling signs for Canadians.  The most significant reveals is that the majority of working Canadians today are cash-strapped.  Living in a fragile state of paycheque to paycheque that greatly impacts their personal finances and the ability to put money away for retirement.

Read more here: Globe and Mail

Now may be an ideal opportunity to evaluate and take control of your finances by paying attention to the details:

  • Track and record all of your expenses
  • Review your expenses and make decisions to change your habits.
  • Set and commit to a goal – plan of action.
  • Seek expert advice when needed.
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Creditaid on CBC Radio One

On Thursday, July 15, Alex Freedman from ‘Up To Speed’, CBC Radio One’s afternoon program, interviewed Creditaid’s President, Brian Denysuik to discuss the state of personal finances in Manitoba. Listeners heard how consumer debt is a problem for many individuals and how it is driven by the desire and need of instant gratification. Brian provided some tips on how people can gain control over their finances.

Also, one of the main topics discussed was “The Building Futures Project” – a joint initiative between the Manitoba Department of Education and Canadian Foundation for Economic Education. This project integrates a basic economic and financial education into the compulsory core K–12 curriculum in Manitoba. The goal is to effectively prepare Manitoba youths for their financial future. Target implementation date is September 2011 for the early and middle school years and 2012 for senior years.

Thank you to CBC Winnipeg, ‘Up to Speed’, Alex Freedman for having us on!