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What the July 2023 Globe Insiders Finance Study tells us about readers’ spending habits

Recently, Globe Insiders conducted a survey to better understand the financial plans of our readers for the second half of 2023. The survey consisted of 1,529 respondents, one third of whom own more than $1 million in investable assets, and 16% of those who have between $500,000 – $1 million in worth. The survey delves into various aspects of their financial lives including investment habits, preferred investment partners, satisfaction with financial institutions, response to financial advertisements, their preferred spending categories, and desired financial topics for learning. Here’s an overview of some of the key findings: 

Spending priorities 

Compared to the first half of 2023, 51% of Globe readers plan to maintain their current level of spending while 24% are looking to increase their expenditure on discretionary purchases. These purchases primarily revolve around dining, traveling, diverse forms of entertainment, and spending on apparel. For the second half of 2023, readers top spending categories were vacation and holidays (59%), clothing or footwear (37%), concerts/theater tickets (32%), home renovation (25%), and home décor/furnishings at (16%).  

For investments, 60% of respondents say they plan to invest the same amount, while 15% say they plan to invest more than they did in the first half of 2023. However, most Globe readers are looking to change the company they invest with to focus more on finding an institution that offers better customer service (51%) and higher returns on their investments (53%).  

Financial interests  

When asked what topics Globe readers want to learn more about, many claimed they’re interested in learning more about tax strategies (52%) and retirement benefits (36%). Some mentioned an increased analysis of Canadian and US stocks and sectors (36%) along with RRIF (Registered Retirement Income Fund) investments (33%). Some other notable topics mentioned were cryptocurrencies, wills and trusts, AI, and green investing.  

Knowledge sourcing 

Most Globe readers rely on newspapers as their go-to source for managing their finances. This includes both digital newspapers (52%) and print papers (46%), while a significant portion of readers also turn to online websites (49%) for financial guidance. In contrast, rarely are individuals now turning to books (12%), television (13%), or radio (7%) for their financial information.  

Responses to advertisements 

48% of readers said they will take some form of action after seeing a financial advertisement online.  The ways in which they act after seeing an ad varies, such as searching the brand or service online (32%), directly visiting the company’s website to learn more (24%) or discussing the brand or service with others (15%).   

 For more information on this study, contact Andrew Consky, Head of Research and Media Insights at The Globe and Mail: 

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