Which group is more likely to have a budget: those aged 18-34 or those 35-65 years of age?
Surprising to many, a recent study from MasterCard Canada found that Canadian youth are more likely to have a budget in place than their elders.
The survey of 2,000 Canadians revealed 40 percent of young adults currently have a financial budget compared to 33 percent of their senior counterparts.
Sasha Krstic, Group Head, Global Products and Solutions, MasterCard Canada said: "We love that young adults understand the need to budget. We'll continue to educate all Canadians so they understand how to use our products and services responsibly."
Krstic noted that 33 percent of respondents said additional budgeting tools would be helpful, which is why MasterCard introduced its Priceless Pointers website to provide ideas on how to save more and spend wisely.
On the site, tools such as Purchase Power (and others) will help users with determining how much money they have to spend and what amount should be set aside for savings. Similarly, Payoff Accelerator can be used to obtain information on how to speed up credit card payments, and there are further suggestions for selecting the right credit card for your needs.
"Canadians care about financial responsibility and they want to have tools to keep them on track. This is important to us as well and that's why we have a number of smart budgeting tools available," Krstic added.