More than half of Canadians say they will save money this year, according to Pollara polls for BMO on Tuesday.
The probe indicates that about 52% of respondents plan to save and three in ten intend to put up to $ 10,000 aside. Last year, 15% of Canadians managed to put more than $ 10,000 aside in 2018, but a quarter did not spare a penny.
For this year, almost 36% do not know how much they can save while about 12% of those surveyed believe that they will not be able to save anything this year.
Those who do not think of saving put forward several reasons. For 67% of respondents, this is due to current and excessive expenses. For 45%, it is because of the debts to be paid back.
Others, including 37% of millennials, refer to “social pressures as a barrier to their ability to save,” a statement said.
“It is encouraging to know that Canadians are entering 2019 with savings as a priority: it is essential to prioritize savings, regardless of the amount,” said Carola Corti, Director, Services. current bank accounts at BMO by news release.
The question of the savings goal sometimes remains unclear. Some want to save in the long term, either for retirement (36%) or for an emergency fund (36%), even if many of them do not think to save enough.
For those who intend to tap into their savings this year, “47% are considering using their savings for a trip or vacation.”
The BMO Savings Survey was conducted January 10-14 with 1000 Canadians.