Only four-in-ten Canadians are regular savers, finds a new HSBC study.

This means many people have to resort to borrowing to cover unforeseen expenses and emergencies, especially during retirement when earnings drop.

They often resort to more extreme measures as well, which include:

  • moving to smaller houses, given more than one quarter (27%) of Canadians say buying a home or paying a mortgage has had a significant impact on their retirement savings
  • tapping into savings, with 33% of respondents admitting they’d drain accounts and investments; and
  • selling valuables (17%)

Read the full study.

Read:

How to protect emergency savings

Manipulate psychology to increase savings

Do your clients make these mistakes?