With the RRSP deadline days away and annual income tax time looming, a majority of Canadians are looking for ways to save more.
“We know that 84% of Canadians have some form of savings, such as RRSPs, investments or everyday bank accounts,” says Barry Columb, president of President’s Choice Bank. “Yet most of those who say they’re unable to save are also telling us they have trouble making ends meet.”
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Many respondents (68%) have had to curtail spending in response to higher living expenses or debt—and are eager to better balance spending and saving, finds a President’s Choice Financial survey. And 66% are likely to switch bank accounts or credit cards, if they knew it would result in lower fees and/or higher rewards.
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Among other key findings:
- Nearly two thirds of Canadians (63%) who aren’t saving say it’s because they don’t have enough money;
- 25% have accumulated more debt over the past year, while 30% say debt levels have remained the same and 42% have lowered debt;
- 73% with debt have had to adjust their spending habits;
- 67% expect to have less debt this time next year, compared with 10% who expect to have more and 20% who predict their indebtedness will remain the same; and
- Households with children under 18 are more likely to say their spending habits have been affected than those with no children under that age (79% versus 62%).
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