Saving for retirement is a top priority for most Albertans, but nearly half (48%) aren’t meeting their goals, says the latest ATB Investor Beat. That’s up from 40% in a July survey.
Those who are falling short of their savings goals cite the cost of living and unexpected expenses as the top reasons they can’t stay on track. Also, two-thirds of Albertans agree the drop in oil prices has had a strong impact on the province’s economy. And, 45% of those surveyed say they have been personally affected by the downturn—of this group, 41% have had their salaries frozen or reduced, while 19% have lost their jobs.
Read: How oil royalties have impacted Alberta
To deal with these hardships, 61% have reduced their spending. But, 23% have stopped saving regularly and 14% have withdrawn some some of their long-term savings and investments.
Read: Help clients stick to financial resolutions
However, there’s some good news: only 10% of Albertans say it’s not a good time to save or invest, while 31% say it’s still a good time to do so. Further, 84% don’t expect the saving and investing outlook to change over the next three to six months.