Press Release
Canadians feel the pinch but pull no punches when it comes to staying connected
New survey finds rising cost of living has changed Canadians’ driving habits, but we won’t give up our technology
September 15, 2008, Toronto, Ontario - For roughly a third of Canadians, the recent rise in the cost of living has had a “major impact on [their] finances” but there are just some things Canadians aren’t willing to give up, according to a new survey commissioned by ING DIRECT. Technology sweeps the top three positions in a list of daily life comforts Canadians refuse to give up no matter the cost, with Internet ranking first at 37 per cent, followed by cable at 30 per cent and cell phone at 21 per cent. The results come as ING DIRECT launches National Save Your Money Day this week on September 18th, the company’s second annual initiative to inspire Canadians to save their money.
The survey reveals that Canadians are still a practical bunch. Besides mortgage and rent, groceries (40 per cent), paying down debt (18 per cent) and fuelling our cars (17 per cent) top our monthly expenditures from coast to coast. To save money each month, Canadians are most willing to sacrifice buying magazines, music, DVDs and videogames (42 per cent) and going to the movies (39 per cent). Treats such as dining out, buying lunch during the work week and buying a morning coffee or tea are also each likely candidates on the chopping block of around one-third of Canadians. Quebeckers appear to favour a preference for enjoying life to saving money as they are generally less willing than other Canadians to sacrifice entertainment and dining out, buying lunch, coffee or tea.
“These survey results demonstrate that even in leaner economic times, Canadians are taking a balanced approach to spending and saving their money,” said Peter Aceto, President and CEO, ING DIRECT. “ING DIRECT’s National Save Your Money Day is meant to show Canadians that making small changes in their daily spending habits can add up to big savings, without necessarily having a big impact on their ability to enjoy life.”
One change Canadians are making in their daily routines is the amount of driving they do. More than a third (37 per cent) of Canadians say they drive less now than they did a couple of months ago due to gas price increases. This is more widely observed in Atlantic Canada where one-in-two reports driving less now. This stands out most when compared to Quebec and Ontario where this shift has been made by around one-in-three. Further, roughly four-in-ten Canadians aged 45-plus are more inclined to this shift than those between 35-44 years (29 per cent). It’s younger Canadians (28 per cent) who are most likely to use alternate modes of transportation than their older counterparts (2-13 per cent). Additionally, non-urban Canadians (45 per cent vs. 32 per cent urban) are driving less now than they did a couple of months ago. Interestingly, the survey found that a third of Canadians feel gas priced between $0.70 and $0.80 is most fair.
To help Canadians keep a little more change in their pockets, ING DIRECT is fanning out street teams in Toronto, Montreal, Vancouver, Calgary and Ottawa on Thursday September 18th to perform random acts of savings for Canadians. The teams will save Canadians’ money on a gas fill-up, give away transit tokens, coffee coupons, afternoon snacks, and back by popular demand, ABM fee refunds.
For the 29 per cent of Canadians who either use their bank’s ABM “only when it is convenient” or use any bank ABM machines “regardless of whether it is [their] bank’s or not,” this National Save Your Money Day perk offers insight into the substantial savings that could be reaped if Canadians either banked with a savings-oriented institution such as ING DIRECT or were more diligent about using their bank’s ABM to avoid service fees. Young Canadians (18-34) are most likely to incur these service charges as they represented the greatest share of those expressing these attitudes towards ABM usage.
“From being more conscious of ABM service fees to packing a lunch or snack more frequently, National Save Your Money Day shows Canadians how easy it is to pick up a new savings habit,” continued Aceto. “We encourage Canadians to consider taking the money ING DIRECT saved them today and depositing it into a high interest savings account, such as ING DIRECT’s no fee, no minimum Investment Savings Account.”
The survey was conducted by Harris/Decima. Data were collected from August 21 to 27, 2008 among 1,007 randomly selected Canadian adults (age 18+). Results are considered accurate to within +/- 3.1 percentage points, 19 times out of 20.
About ING DIRECT
ING DIRECT is Canada's largest direct bank with over 1.6 million Clients and more than $23 billion in total assets. ING DIRECT is giving the power of saving to all Canadians by offering high-value, simple products such as high interest savings accounts with no fees or service charges and low rates on mortgages. ING DIRECT has been operating in Canada since 1997, and since that time Clients have earned more than $3 billion in interest. Clients can bank with ING DIRECT 24 hours a day, 7 days a week, at www.ingdirect.ca or by calling
