After the bills are paid, many Canadians have little left to save -

After the bills are paid, many Canadians have little left to save

More than half polled cite difficulty saving


A new survey by the Royal Bank of Canada shows Canadians are having trouble saving. The poll showed 38 per cent of respondents couldn’t save at all, the majority of whom stated that they had nothing left over after paying the bills. A smaller group cited their impulse-buying habits. Just over a third make regular contributions to a savings account, and 29 per cent said they save “from time to time.” Over half of respondents, the survey showed, have trouble achieving their saving goals, most of whom said it was difficult to be disciplined about saving. “Many of them are starting to focus on other things, like paying down some debt that they’ve accumulated in the last couple of years or other expenses that are coming up, like their children’s education, or just bills that have been piling up over time,” Maria Contreras, product manager for savings accounts at RBC, told the Financial Post. However, official data shows higher rates of savings by Canadians in recent years, according to deputy chief economist for BMO Capital Markets Douglas Porter.

Financial Post

Filed under:

After the bills are paid, many Canadians have little left to save

  1. what a shame…down here milk costs $3/litre and people still manage to save. The average annual income is under $400. just a little common sense and basic discipline would do wonders. do we really need what our neighbors and friends have? didn’t we do fine without it just a few years earlier?

    • Right on Naheed!

  2. Correction: After the taxes are paid, many Canadians have little left to save.

  3. One of the reasons for this, we just purchased mixed nuts and food bars at Costco, HST was charged on both items. At another grocery we were told labor is involved to mix the nuts, therefore the tax is charged, but if only one type of nut is in the bag, then the new tax does not apply. Our country charges tac on highly recommended foods, no wonder we were rejected by the UN.

    • I don't buy a lot of prepared foods, so HST is always zero to negligible on my grocery bills.

      I can't imagine why people don't examine their bills to see which food items merit HST, and change shopping habits accordingly. It's like passing up a 10% or 12% (or whatever%) off coupon which is right under one's nose.

  4. I'd like to see a study to see who exactly has the funds to save. Any bets it will be government workers while those labouring for the private sector are dead broke…

    • What a lovely straw man.. does burning it down keep your rage well stoked?

    • i am middle class and work for the private sector and still save 20% of my money …. the number one way to save money is not spend too much money . Canadians are similar to Americans where they will buy all kinds of junk they don't need and spend a tonne of money on services …like for example the average person spends almost $100 on cable tv!!! have a car is an average of $600/month!!! ..some people (women) may get $150 haircuts….the other trick to saving is to "pay yourself first" ..if $100 comes out of your paycheque and goes into savings then that is $100 you can't spend ..people who don't save and don't have a good company pension are surely going to end up living in poverty in the future ..that is a nasty thought

  5. And this is news because…? I'm just surprised there are that many who have money to put away.

  6. i have sympathy for people who may be in tough times and not able to earn what they would like to but i have no sympathy for people who waste money and spend wastefully while not saving …i guess the general public acts like the government they elect

  7. No flippin' kidding!!! Big surprise there. I struggle to get by every day as the sole support of my family and I'm pulling down 42K per year. Most of my income goes to taxes (both income and retail) and I'm in that grey area that the government considers too high to qualify for income supplements. My family does without luxuries and my monthly menu plan includes several vegetarian meals so I can cut back on the cost of meals. Gas prices keep going up, as does hydro and this new HST is not helping matters any. How much do I have left to save each month? Zilch.