A Money Coach in Canada

Follow & Subscribe

The financial consumer agency of canada did a study last fall on Canadians and their banking habits.bank

How do you compare?

60% of Canadians deal with only one bank for everything.

8% opened or tried to open a new account at a new financial institution last year

59% claimed that their total monthly service fees were less than $10

85% have a credit card; 58% had more than one credit card – 49% have one at a f.i. other than their primary f.i. ; 3.3 million got a new card last year; 45% carry a balance from month to month

46% used the internet for personal banking; 42% used only in-person traditional banking; 25% use telephone banking

6% claimed they had a serious problem with their institution last year = 1.4 million canadians

60% said they find most information about financial matters hard to understand

What are your banking habits? One institution only? How much do you pay in fees?

About the Author

Imagine if Canadians were known for being all over their money. Engaged. Proactive. Getting out of debt. Savvy. Saving. Generous. Nancy wants to help. Nancy started her own journey with money over 15 years ago, and formed her company “Your Money by Design” in 2004 to help others along the same path. It’s not the usual financial advising/investment stuff. It’s about taking control of day-to-day finances –managing monthly cashflow effectively, spending appropriately, getting out of debt, saving. If you're ready to take control over your finances, pop by her business site, YourMoneybyDesign.com

Saturday Case Study: YOU! How do your banking habits compare to other Canadians? Comment

  1. Hi there:

    I deal with one financial institution currently. Because of this I get good rates and I pay no fees.

    I have too many credit cards. This is left over from when I owned a retail business and orders with new companies had to be done with credit cards or COD until you could establish terms. As well, once I had terms it allowed us to extend our account payable time, this was important as our business was seasonal with 75% of the business occurring during the Christmas season.

    I have put several of my credit cards away now in a drawer. I don’t want to cut them up …just in case. I only use my credit cards for ease of payment now. I did carry a balance the first couple of years starting up my career as a Realtor.

    One thing I have just done latley to is set up a new bank account to put tax money in to so I don’t get zinged at the end of the year. I work under contract so I am responsible for all my taxes. Every cheque I receive I am automatically putting a % of it in the other account and then “forgetting” it’s there.

    Overall I am happy with my bank. A friend of mine once commented the only way to feel better about banks is to buy stock in them so at least you were getting a % of their huge profits at the end of the year.


    Aug 11, 2007

Leave a Reply

CommentLuv badge