Most Canadians don’t have savings plans

While Canadians often look for ways to stretch their dollars and save, a survey released by Tangerine reveals that only 25% of Canadians identify themselves as savers, and have a steady savings plan. Further, 31% admit they haven’t used their savings towards what they’d originally intended.

Read: Canadians worry about increased expenses in retirement

“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.

Additional findings include:

• 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.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.