Canadians put vacations ahead of retirement savings

Canadians are saving money, but retirement isn’t top of mind for most.

Fifty-eight percent are actively saving for something other than retirement right now.

The top savings goals are as follows: a trip/holiday (25%), an emergency/rainy day fund (17%), home renovations/repairs (14%), their/their child’s education, a car (10%) and a down payment for a house (8%).

While the majority (54%) of Canadians saving for something other than retirement say they set money aside regularly, only 14% have funds withdrawn automatically from their account or paycheque.

The majority keep the funds in a dedicated account, such as a tax-free savings account (32%) or a chequing or savings account (29%). And nearly one-quarter (23%) who are saving are doing so in their regular everyday accounts.

Related articles: