More Canadians are saving, and many want to put away more money this year.
The BMO Household Savings Report shows that Canadians plan to set aside an average of $9,635 in 2014, up from $8,764 in 2013.
Saving for a vacation was identified as the top priority for 2014 (48%), followed by building a rainy day/emergency fund (43%) and saving for retirement (39%).
Last year also marked a significant drop in the percentage of those who didn’t save anything. Seventeen percent of Canadians didn’t save money in 2013, compared with 28% in 2012, which means more are saving a portion of their income.
The most common barriers for Canadians for meeting their savings goals include insufficient income to save (69%), high expenses (67%) and debt management (50%).
The report also shows that there are personal saving differences across regions and between genders.
British Columbians expect to save the most in 2014 ($15,117), followed by Albertans ($12,478); Quebecers plan on saving the least ($6,179).
Men plan to save $11,228, on average, in 2014, whereas women plan to save an average of $7,989.
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