Canadians saving less than a year ago
Posted Jun 22, 2011 1:54 pm.
This article is more than 5 years old.
A new poll by RBC finds that while more than half of us are keeping a budget, nearly 40 per cent of Canadians are saving less than they did last year.
30 per cent say the biggest challenge with saving is being disciplined enough.
“They probably have a lot of demand on their finances — mortgage payments, perhaps young kids — and are really starting to see those costs rise,” says RBC’s Maria Contreras. “So it’s really important for that particular group to keep track of their expenses and understand where they’re spending the money, just to make sure they can free up some additional cash to save.”
Though they’re still saving less than last year, Contreras adds that Canadians between the ages of 35 and 49 are the most likely to keep a budget.
“Every little bit helps,” she tells 660News. “Even just putting away a small amount of money every week from your pay cheque. Get into that habit of paying yourself first. Even if it’s just a small amount of $25 every week, that can really add up.”
The survey finds budget conscious Canadians tend to live in eastern Canada.
“What we found is the higher percentage of Canadians that keep track are in Quebec and Ontario, and even to some extent in B.C.,” says Contreras. “That’s sort of indicative, perhaps of, the cost of living and the need to keep a budget and understand where you’re spending your money.”
The survey also finds people on the prairies are the least likely to keep a budget.
