69% of Canadians save money monthly
Our recent survey indicated that approximately 69% of Canadians save monthly. We also learned that 75% of 18-to-34-year-olds versus 64% of 35-to-54-year-olds say they save every month, a percentage that may seem surprising at first. The amount saved, however, was not considered. Another study reported that last year, 25-to-34-year-olds preferred to put money in a TFSA rather than an RRSP. Millennials seem to make savings a priority so that they can cover their immediate needs, such as travelling, instead of saving for the long term.
This Leger poll was conducted from April 7 to April 9, 2019 with a representative sample of 1,444 Canadians. The margin of error is 2.5%.*For comparison purposes, for a probability sample.
Canadians and Saving
In 2017, it was reported that 85% of Canadians agreed that they should save more, however, the main obstacles to saving were insufficient income, unexpected expenses and difficulties covering current expenses. The portrait therefore seemed rather worrying. A survey published in February reported that half of Canadians intended to put money aside for the current year. According to Carola Corti, Managing Director, Everyday Banking with BMO, it is an encouraging sign that Canadians are making savings a priority at the start of the year.