Significant Disconnection in Canadian’s attitude toward saving
Significant disconnection in Canadians’ attitude toward saving
Most Canadians see themselves as savers, but more than half have very little put away, according to a new report
By Tessie Sanci | October 19, 2016
Although 70% of Canadians consider themselves to be “savers,” a significant percentage of them (40%) have less than $5,000 tucked away, according to a new report from Toronto-based EQ Bank, the digital banking arm of Equitable Bank.
Furthermore some Canadians find themselves with barely any or no savings, the report states, as 18% have less than $1,000 while 5% have no savings at all, according to the report, which was released on Tuesday.
When Canadians are not saving to pay their day-to-day bills, 58.8% are looking to build funds for travelling while the second-most-desired discretionary expense is for electronics, with 5.7% saying they are saving for something in that category. Saving to dine out comes in third with 3.8% of Canadians. Less than 1% of Canadians are saving for spending related to fitness activities such as a gym membership (0.8%) or “adventure” activities, such as rock climbing or skydiving (0.6%).
The report also studies survey participants’ views of their partners’ saving habits. Canadians tend to give themselves more credit for saving than their partners, with only 53% saying their partners are savers compared with the 70% of survey participants who declared that they’re good at putting money away.
In addition, 15% of survey participants say they often or sometimes disagree with their partners on money issues, with women (18%) more likely to say this is the case than men (11%). As well, 25% of Canadians admit they have resented their partner for spending joint money.
“Money has an impact on our relationships,” says Dan Dickinson, vice president of digital banking at Equitable Bank, in a statement. “It’s important to be aligned on your financial priorities and how to make your goals a reality.”
The survey was conducted for EQ Bank by Environics Research Group and included the responses of 1,000 Canadians who are meant to be a representative sample of the total population. The data were gathered from Aug. 9–18.
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