Wednesday, October 22nd10.2°C
23840
22952

Canadians plan to increase amount set aside for savings: BMO poll

TORONTO - A new study from Bank of Montreal (TSX:BMO) suggests that Canadians plan to increase how much money they set aside as savings this year.

The bank says that respondents to a Pollara online poll this month were, on average, aiming to set aside $9,635 in 2014.

That's up from an average of $8,764 in the last year's BMO Household Savings Report.

Meanwhile, the poll found that in 2013 more people were already focused on saving. Only 17 per cent of respondents said they had not added to their savings during the year compared with 28 per cent who saved nothing in 2012.

The most common barriers to meeting savings goals included insufficient income (69 per cent), followed by high expenses (67 per cent) and management of debt (50 per cent).

The top three reasons for saving among those surveyed were vacations, emergency funds and retirement.

"Canadians appear to be setting their savings sights higher in 2014, which is encouraging," said Christine Canning, head of everyday banking at BMO.

"However, it's apparent that various factors such as high expenses and debt, could prevent them from meeting their savings goals," Canning said.

"With these barriers in mind, we advise those who are falling short to take simple steps, such as putting aside smaller amounts in a separate account and using automatic payments in order to get started."

The Pollara survey was completed Jan. 10-14 with an online sample of 1,002 Canadians. The polling industry's professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

The Canadian Press


Read more Business News

22970


Recent Trending




Today's Market
S&P TSX14312.07-235.64
S&P CDNX808.00-14.28
DJIA16461.32-153.49
Nasdaq4382.847-36.632
S&P 5001927.11-14.17
CDN Dollar0.8883-0.0012
Gold1242.50-3.00
Oil79.98-0.15
Lumber330.70+2.00
Natural Gas3.658-0.001

 
Okanagan Companies
Pacific Safety0.12+0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.055-0.025
Anavex Life Sciences0.198+0.006
Metalex Ventures0.05+0.005
Russel Metals32.53-0.56
Copper Mountain Mining2.10-0.07
Colorado Resources0.145-0.005
ReliaBrand Inc0.013+0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.405-0.055

 





FEATURED Property
2094060348 Eckhardt Avenue West
3 bedrooms 2 baths
$459,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_








Member of BC Press Council


22771