{"id":5555,"date":"2017-11-05T16:16:08","date_gmt":"2017-11-05T21:16:08","guid":{"rendered":"https:\/\/goday.ca\/blog\/?p=5555"},"modified":"2021-09-30T11:00:39","modified_gmt":"2021-09-30T15:00:39","slug":"canadians-need-to-save-more-money","status":"publish","type":"post","link":"https:\/\/goday.ca\/blog\/canadians-need-to-save-more-money\/","title":{"rendered":"Canadians Need to Save More Money"},"content":{"rendered":"

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The results are in and it\u2019s true. From October 20th to October 21st, 2017 an online survey was conducted among 1,523 randomly selected Canadian adults and according to CIBC\u2019s latest results, 85% of Canadian citizens agree that they should be saving more money than what they currently are. In fact, BNN reported<\/a> that eighty-five percent said they \u201cneed to save more money,\u201d and 79 percent of respondents aged 35 to 54 said they worry about not having enough funds to retire when they want to.<\/p>\n

So what does this mean for expenses only continue to grow?<\/p>\n

Consumer spending isn\u2019t going to end, especially with low-interest rates here in Canada. And this is one of the main reasons savings are not being made a priority. But as BNN also reported<\/a>, sixty-five percent of those surveyed said they lack a detailed or regular savings plan; twenty-six per cent of those people \u201cdon\u2019t really save\u201d or \u201cnever save\u201d at all. And all of this is despite eighty-two percent of respondents\u2019 claimed they could \u201ccut back\u201d each month by an average $360 \u201cbefore feeling the pinch.\u201d<\/p>\n

Everyone also has their own savings strategies that work best for their lifestyle and expenses. And this survey result tells that story as only thirty-eight percent, save varied amounts each month depending on what\u2019s left over after spending and expenses.<\/p>\n

Other key poll findings from the CIBC survey were:<\/p>\n