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As the holiday bills arrive, the RSP vendors gear up their annual pitch and tax-time looms there’s a little unsettling news in a recent survey by one of the country’s big banks. Nearly 20% of the people polled said they did not save any money last year. That seems like a lot but in 2012 nearly 30% of respondents said they couldn’t save.
The survey also revealed that people intend to save and they hope to sock away
more this year than last. Statistics Canada says the household saving rate is up, climbing to 5.4% in the third quarter of 2013, compared to 5.0% the year before. The expectation is it will stay above 5.0% this year.
Of those who claimed they couldn’t save, fully half said it was because of debt management. Nearly 70% cited insufficient income or high expenses. Some food for thought as you get your financial house in order for 2014.