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BMO Survey Shows Canadians Poised to Save More Money in 2014
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How much money are you planning to set aside in 2014?
A BMO/Pollara survey found that Canadians plan to sock away $9,635 on average, a considerable bump up from 2013's average of $8,764, as noted on BMO's Household Savings Report.
Apparently, this builds on the fact that many were already in savings gear last year as only 17% of respondents report to not adding to their accounts during 2013. Those that haven't been able to save, including 28% who report zero savings for 2012, say the most common barriers are insufficient income (69%), followed by high expenses (67%) and management of debt (50%).
Vacation is the top reason listed for savings followed by emergency funds and retirement.
The Jan. 10-14 survey, which included more than 1,000 Canadian adults, showed that B.C. residents had the loftiest savings goal of $15,117, followed by Albertans, who expect to put aside $12,478 on average.
Cliff Boodoosingh, Freelance writer
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