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2019 Canadian Financial Security Monitor

The 2019 Primerica Financial Security Monitor revealed how middle-income Canadians feel abouttheir personal financial situation, and how active they are in planning for their financial security.Middle-income Canadians generally don’t believe they’re meeting their financial goals and are open toseeking help. They want to learn more about saving, budgeting and investing to better protect theirfamilies from inevitable financial stresses. They are especially interested in learning more about howto save for retirement.‍

By
Gary Edwards, PhD
,
on
October 17, 2019

The 2019 Primerica Financial Security Monitor revealed how middle-income Canadians feel about

their personal financial situation, and how active they are in planning for their financial security.

Middle-income Canadians generally don’t believe they’re meeting their financial goals and are open to

seeking help. They want to learn more about saving, budgeting and investing to better protect their

families from inevitable financial stresses. They are especially interested in learning more about how

to save for retirement.

Additionally, The Monitor’s Financial Security Scorecard – which measures individual financial security

preparedness – found that few Canadians earn an A or B for preparedness based on answers to key

indicators.

Key Data Points:

• 61% have made at least one costly financial decision, with an average loss reported at $29,000.

• 47% fear not saving enough for retirement.

• 4 in 10 have more than $1,000 in credit card debt – with the average debt over $3,000.

• 48% are not paying off the balance each month and 11% are only paying the minimum payment.

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