News & Resources

BMO Survey Shows Canadians Poised to Save More Money in 2014

Jan. 27, 2014
1 mins
family teachers their daughter about money and help her put coins in her little piggy bank

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.

Latest life insurance articles

10 Myths About Life Insurance Busted – Some May Surprise You
You may be young with no kids and no mortgage. Life insurance is for someone older, who has dependents right? Wrong. Let’s debunk life insurance myths and learn why everyone needs some form of coverage.
Will a Life Insurance Policy Cover Death Due to COVID-19?
Demand for life insurance may be on the rise during the pandemic as more Canadians consider buying a policy or reviewing ones they already have. If you’re thinking of applying for a policy, here are a few things to keep in mind.
How Does Vaping and e-Cigarettes Affect Life Insurance?
Many insurers may classify vaping in the same way they do smoking. If you smoke or vape, you can still qualify for a life insurance premium, but in all likelihood, you will pay a higher rate than someone who does not.