13 Jul 2011

Survey: Many Canadians falling short of savings goals

Canadians everywhere are making assessments about how they’ve fared with their New Year’s resolutions now that we’re more than halfway through 2011. And if a recent survey is any guide, they aren’t liking what they’re seeing.

This appears to be the case among middle-aged Canadians who resolved in January to save more money, as according to the Canadian Imperial Bank of Commerce, nearly 30 percent of all Canadians said they were doing a poor job saving, with nearly 20 percent saying their attempts qualified as “very poor.”

However, Ontarians appear to be having more success compared to other regions, as 57 percent of Ontario residents said they were storing money away regularly – more than any other province.

Ontario was also among the regional leaders in the number of respondents who stated they maintained a monthly budget at 62 percent. Only 45 percent of British Columbians could say the same thing, the lowest of all the provinces surveyed.

That may be because they’re not organizing their financial documents in such a way that makes keeping track of one’s savings account easier. Storage units in Toronto offer portable storage containers that can house the documents needed to properly maintain a savings account without having them in the way.

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