Canadians planning to save more this year: BMO poll
Monday marks Tax Freedom Day, the point when the average Canadian has paid off the year’s tax load and will begin pocketing his or her own money, according to the Fraser Institute
The Canadian Press
Published Thursday, January 23, 2014 6:16AM EST
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.