While Canadians often look for ways to stretch their dollars and save, a Tangerine survey reveals that only 25% of them identify themselves as savers and have a steady savings plan.
Further, 31% admit they haven’t used their savings toward what they’d originally intended.
Canadians, on average, regularly tap into savings to splurge on an unexpected purchase (29%), regularly use their long-term savings for things such as trips, car purchases, interior decorations, etc. (33%) or never use their savings toward what they were saving for in the first place (32%).
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Additional findings include the following:
- 50% of Canadians have no savings goals;
- 56% are saving less than $25 per week, or $100 per month;
- 32% are saving for retirement; and
- 10% are looking to save more than $10,000 in 2015.
“One of the simplest ways to save is by setting up an automatic savings program, so money automatically goes into savings without you having to think about it,” says Silvio Stroescu, managing director of deposits and investments at Tangerine.
A version of this story originally appeared on our sister site, Advisor.ca
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