Canadians want to save more in 2019

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More than half of Canadians say they will put money aside this year, according to a poll by the firm Pollara for BMO, on Tuesday.

The stroke of the probe indicates that approximately 52 % of respondents plan to save and three in ten respondents intend to put up to $ 10 000 side. Last year, 15% of Canadians have managed to put more than $ 10,000 aside in 2018, but a quarter did not spare a penny.

For this year, about 36 % do not know how much they will be able to save while about 12 % of people surveyed believe that they will do nothing to spare this year.

Those who don’t think save put forward a number of reasons. For 67 % of the respondents, this is due to current expenditure and excessive. For 45 %, it is because of the debt to be repaid.

Others, including 37 % of Canadians of the millennial generation, refer to “social pressure as a barrier to their ability to save”, one can read in a press release.

“It is encouraging to know that Canadians come in 2019 with the savings as a priority: it is crucial to give the priority to the savings, whatever the amount,” pointed out in Carola Corti, director, everyday banking, BMO, by issuing a press release.

The question of the purpose of savings is sometimes blurred. Some want long-term saving, either for retirement (36 %), or for an emergency fund (36 %), even if many of them do not save enough.

For those who want to dip into their savings this year, “47 % plan to use their savings for a trip or vacation”.

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The survey from the BMO savings has been realized from 10 to 14 January, with 1000 Canadians.