16 Mar 2016
Éric Lebel
Partner | CPA, CA, CIRP, LIT | Recovery and reorganization

A free online test gives you an accurate portrait of your money habits and behaviours

MONTRÉAL, March 15, 2016 – Did you know that more than two out of five Quebecers say they are somewhat or very anxious about their financial situation? That one third of the population has dipped into their savings to pay for current expenses in the last two years? And that, in Quebec, one out of four people are unable to save?

These are a few of the numbers revealed in an exclusive survey recently carried out by Léger Marketing for Raymond Chabot, a subsidiary of Raymond Chabot Grant Thornton, on Quebecers’ financial habits. The survey reinforces the fact that personal finances still remain a headache for most of the population. “This survey shows that many Quebecers experience difficulty in meeting their financial obligations,” explains Éric Lebel, Partner, Trustee and Financial Turnaround Consultant at Raymond Chabot Grant Thornton. “We want to help people get a better handle on their behaviour when it comes to personal finances so they can reduce the related stress levels. This is why we’ve designed a test to start the conversation on money issues to break down the taboos about the topic.”

The survey, part of the ongoing awareness campaign, Ne perdez pas vos moyens launched in 2015 by Raymond Chabot, paints a picture of Quebecers’ financial habits and reveals:

personal finance management habits

  • attitudes and behaviours towards money
  • credit card habits, and
  • saving habits

Some points in the study warrant special attention, such as:

Two out of three people (66%) consider themselves in debt.

  • Only one out of five responders say they respect their monthly expenses budget.
  • One out of six Quebecers (14%) is not always able to pay monthly bills.
  • More than two out of five people (43%) are not always able to pay off their total credit card balance and one out of six never do.
  • Close to three out of ten Quebecers (28%) admit to regularly making compulsive purchases while a quarter frequently regret a purchase because they didn’t have the means.
  • About one in ten people spend more than half their net monthly income to pay for rent or the mortgage.
  • In the event of job loss, close to half of Quebecers (46%) don’t have a sufficient financial cushion to maintain their lifestyle for three months.
  • In Quebec, about one in four people are unable to save.

Financial gymnastics: A reality for many Quebecers

The survey also painted five different profiles of Quebecers based on their financial habits: lion tamer, magician, juggler, contortionist and daredevil. About a third (34%) of responders are magicians, flamboyant, impressive, knowing how to get attention by making spontaneous purchases, while 19% are jugglers, at times bohemian, who like to have fun, and, as long as the winds are favourable, everything is in order. An equal proportion (19%) are contortionists, all hands and feet tangled up trying to make ends meet. The other two categories, the lion tamer (16%) and the daredevil (13%) are polar opposites. Lion tamers are in perfect control, they plan each and every move carefully, while the daredevil has no fear, likes to try new things…and spends.

Raymond Chabot developed a free online test available at raymondchabot.com/en/test which enables users to discover their money-related behaviour. “We encourage all Quebecers who are stressed by their financial situation, whether because they can’t pay their debt, respect their budget or simply do the things they want, to take this test,” says Éric Lebel. “Based on their profile, they can get tailored advice that will help them adopt good financial management habits so that they won’t get in over their heads.”


The survey “Habitudes financières des Québécois” (“Quebecers’ financial habits”) was conducted from December 3 to 12, 2015, based on the responses of 1,002 Quebecers aged 18 and up who could speak French or English. The results were sorted according to gender, age, language spoken at home, education and children in the family in order to make the sampling representative of the entire population studied.

About Raymond Chabot Inc.

For more than 30 years, Raymond Chabot, a subsidiary of Raymond Chabot Grant Thornton, has specialized in insolvency and the financial turnaround of individuals and businesses. With a team of 200 professionals working in 115 offices, including one in New Brunswick, six in Ontario and 108 in Quebec, it is a leading Quebec network of financial turnaround consultants and trustees. Handling nearly 10,000 files per year, Raymond Chabot stands out through its expertise and human approach.

About Raymond Chabot Grant Thornton

Founded in 1948, Raymond Chabot Grant Thornton has become a leader in the fields of assurance, tax, consulting services, and business recovery & reorganization. Its strength is based on a team of over 2,500 people, including some 230 partners. Together, Raymond Chabot Grant Thornton and Grant Thornton LLP, another Canadian member firm of Grant Thornton International Ltd, help dynamic Canadian organizations unlock their potential for growth with over 4,300 people and some 140 offices across Canada. Grant Thornton International Ltd provides clients with the expertise of member and correspondent firms in more than 130 countries, with over 40,000 people.

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Marie-José Bégin

16 Mar 2016  |  Written by :

Mr. Lebel is a partner at RCGT. He is your expert in Recovery and Reorganization for the Brossard...

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