TORONTO, April 3, 2012 /CNW/ - First-time homebuyers (FTBs) and people
intending to buy a home (ITs) in the next two years lead the pack when
it comes to financial fitness and confidence. According to a national
survey conducted by Genworth Financial Mortgage Insurance Company
Canada (Genworth Canada) in conjunction with the Canadian Association
of Credit Counselling Services (CACCS), 43 per cent of first-time
homebuyers say they are in good or great financial shape.
The annual poll asked 1,533 Canadians questions about their financial
well-being and revealed that almost one-third of FTBs who purchased a
home in the past two years, or future intenders, believe now is a good
time to buy, up 25 per cent from last year. FTBs and ITs also lead the
pack when it comes to financial planning: 64 per cent say they enjoy
planning their financial future and 59 per cent say they managed to
save for their down payment within two years or less.
"First-time homebuyers are the engine that will drive the housing market
in the next few years," says Brian Hurley, Chairman and CEO of Genworth
Canada. "This survey helps us monitor Canadians' attitudes on finances
and homeownership so that we can continue to deliver the right tools
and resources to educate homebuyers and promote responsible lending
practices across the country."
To kick off their third annual Homeownership Education Week on April 9,
Genworth Canada has teamed up with CACCS to address financial literacy.
Through a series of articles, videos and interactive forums, finance
and housing industry experts will provide tips on getting financially
fit and ready for homeownership.
"It's easier to achieve homeownership when you have healthy personal
finance skills," says Henrietta Ross, CEO of CACCS. "The survey results
reaffirm our strong belief that getting your financial house in shape
is the first step towards a life of financial fitness and overall
well-being."
To find out more about Genworth Canada's Homeownership Education Week,
visit Homeownership.ca from April 9 to the 13, 2012.
Homeownership contributes to self-fulfillment: Additional survey results
The survey found there is an increased awareness among first-time
homebuyers of the importance of financial responsibility and of the
rewards of homeownership:
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94 per cent say even though it means more work and effort, they'd rather
own a home than rent;
-
94 per cent say owning their own home provides a greater sense of
emotional well-being and security;
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60 per cent say they have a long-term financial plan for retirement they
are working towards;
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58 per cent say their goal is to pay off their mortgage as fast as
possible, even if it means scrimping and saving and foregoing a
lifestyle and activities that their peers enjoy;
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36 per cent say they were able to pay off all their bills and save money
in the past year;
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72 per cent say they expect their financial situation to improve in the
next year, whereas only 54 per cent of Canadians who do not own a home
say they are expecting any improvement in their financial fitness in
the next 12 months.
The Genworth Canada and CACCS National Financial Fitness Survey is an
online survey of 1,533 Canadians across the country. Research took
place from February 1-8, 2012 and was conducted by Environics Research
Group.
About Genworth Financial Canada:
Genworth Canada is the brand name of Genworth Financial Mortgage
Insurance Company Canada, a subsidiary of Genworth MI Canada Inc.
(TSX:MIC), and has been the leading Canadian private residential
mortgage insurer since 1995. Known as "The Homeownership Company," it
provides default mortgage insurance to Canadian residential mortgage
lenders that enables low down payment borrowers to own a home more
affordably and stay in their homes during difficult financial times.
Genworth Canada combines technological and service excellence with risk
management expertise to deliver innovation to the mortgage marketplace.
As of December 31, 2011, Genworth Canada had $5.4 billion in total
assets and $2.7 billion in shareholders' equity. Based in Oakville,
Ontario, the Company employs approximately 265 people across Canada.
Find out more at genworth.ca.
About Canadian Association of Credit Counselling Services:
The Canadian Association of Credit Counselling Services (CACCS)
represents a Canada-wide network of accredited, not-for-profit agencies
and affiliates offering preventative education and confidential
services to clients experiencing financial difficulties. With a focus
on financial counselling education, accreditation of agencies and
certification of Financial Counsellors, CACCS is also committed to
national research and policy initiatives concerning personal finance
and industry advocacy.
To find a certified Credit Counsellor and qualified Financial Coach at
an accredited Member Agency, call the CACCS central referral service at
1-800-263-0260 or visit www.caccs.ca for more information.
