Almost 20% of Canadians didn’t save anything last year, reveals the 2015 BMO Household Savings Report.
Also, 40% of Canadians don’t feel they are saving enough to meet their goals for the coming year, with 31% citing their lack of a plan as a barrier.
The report, which polled about 1,000 people, shows more Canadians are making saving a habit by using a fixed savings plan that includes monthly contributions. In fact, 31% have a fixed savings plan for this year, a year-over-year increase of 19%.
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Canada’s household saving rate reached a five-year low of 3.6% in the fourth quarter of 2014, Statistics Canada says. Over the last 10 years, the average household savings rate has been 4%, down from 7.9% during the 1990s.