Upset-entrepreneur-negative

Saving for retirement is a top priority for most Albertans, but nearly half (48%) aren’t meeting their goals, says the latest ATB Investor Beat. That’s up from 40% in a July survey.

Those who are falling short of their savings goals cite the cost of living and unexpected expenses as the top reasons they can’t stay on track. Also, two-thirds of Albertans agree the drop in oil prices has had a strong impact on the province’s economy. And, 45% of those surveyed say they have been personally affected by the downturn—of this group, 41% have had their salaries frozen or reduced, while 19% have lost their jobs.

Read: How oil royalties have impacted Alberta

To deal with these hardships, 61% have reduced their spending. But, 23% have stopped saving regularly and 14% have withdrawn some some of their long-term savings and investments.

Read: Help clients stick to financial resolutions

However, there’s some good news: only 10% of Albertans say it’s not a good time to save or invest, while 31% say it’s still a good time to do so. Further, 84% don’t expect the saving and investing outlook to change over the next three to six months.

Read: B.C. will be growth leader in 2016: report

Originally published on Advisor.ca
See all commentsRecent Comments

GMCKY.MCKENNIE.7

Hard to find good news in those numbers!

Wednesday, January 13 @ 2:48 pm //////

ZIGZEWEL

Not a surprise. See the toys these ppl in my home province buy to satisfy their instant gratification? That Oil will make it all alright in the end…. We never learn.

Tuesday, January 12 @ 4:04 pm //////

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