Retail therapy - MoneySense

Retail therapy

More than half of Canadians shop to lift their spirits and spend on average $3,720 a year doing so.



  • More than half of Canadians surveyed by BMO said they shop to lift their spirits and this type of impulse spending is costing them $3,720 a year, with men spending more than women. Respondents also said they could probably save two-thirds of that amount if they just put their mind to it. Are you among the majority? If so, TV’s most outspoken savings expert Gail Vaz-Oxlade has an idea for you: Get a credit card condom.
  • Apparently Canadians are happier with their auto insurance provider this year thanks to fewer premium increases and more enticing offerings, according to J.D. Power and Associates. Canadian Direct, La Capitale and Grey Power ranked highest in terms of customer satisfaction in their respective regions (Western Canada, Quebec and Ontario/Atlantic). Make sure you’re getting a good deal by checking out MoneySense‘s guide to car insurance.
  • A new Investors Group poll has found 96% of parents agree it’s important to have the “money talk” with their kids. The question is what’s the right age? Seventy-two per cent of respondents think it’s appropriate to initiate the discussion between the ages of 4 and 9. Here’s a list of money concepts to introduce at different ages.
  • Got a few minutes? Head over to Ottawa’s Financial Toolkit and take the self-assessment to see what areas of money management you could use help with.
  • And finally, don’t forget to enter our draw for your chance to win one of three copies of the MoneySense Guide to the Perfect Portfolio.

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