85% of Canadians say they ‘need to save more money’
In a recent poll intended to research how Canadians save; the results indicate that the majority of people are still not putting away sufficient amounts of money into savings. A full 79% of people surveyed, who were aged 35 to 54, said they do not save enough and are concerned about retirement. CIBC, who performed the study, suggests that Canadians begin looking at paying themselves first, before spending. The survey indicated that most people do the opposite and save what is left after they spend.
Nicholson suggests a “give to yourself first” strategy by which a set sum of money is automatically deducted from a paycheque and put directly into a savings account.
“Paying yourself first is an easy and effective savings strategy