SYS-CON MEDIA Authors: Liz McMillan, AppDynamics Blog, Skytap Blog, Carmen Gonzalez, Pat Romanski

News Feed Item

BMO Household Savings Report: Canadians Saved Average of $8,764 in 2013; Set Sights Higher for the Year Ahead

- Canadians saved an average of $8,764 last year; set savings target higher at $9,635 for 2014, an increase of 10 per cent

TORONTO, ONTARIO -- (Marketwired) -- 01/23/14 -- According to the second annual BMO Household Savings Report released today, Canadians saved an average of $8,764 last year. As well, many are setting their sights higher for 2014, with Canadians planning to set aside an average of $9,635 in the year ahead.

The report, conducted by Pollara, revealed:


--  2013 marked a significant drop in the percentage of Canadians who did
    not save anything, from 28 per cent in 2012 to 17 per cent in 2013,
    meaning more Canadians are saving a portion of their income
--  The most common barriers for Canadians for meeting their savings goals
    include insufficient income to save (69 per cent), followed by high
    expenses (67 per cent) and management of debt (50 per cent)
--  Canadians plan to save an average of $9,635 in 2014, with the majority
    using a chequing account or Registered Retirement Savings Plan (RRSP)
    (66 per cent and 55 per cent, respectively)
--  Half (47 per cent) will use a Tax Free Savings Account (TFSA), while
    one-third (31 per cent) will use a high-interest savings account.

According to BMO Economics, the most recent official data show Canadians were able to set aside more in 2013 than the year prior, and forecast that Canadians will maintain the pace in 2014.

"Canadians increased their savings last year in response to higher long-term interest rates and with one eye on elevated debt," said Sal Guatieri, Senior Economist, BMO Capital Markets. "We expect the saving rate to remain above 5 per cent in 2014, as households are borrowing at the slowest rate in three decades and long-term interest rates are likely to drift higher due to a stronger economy and a reduction in Federal Reserve stimulus."

"Canadians appear to be setting their savings sights higher in 2014, which is encouraging. However, it's apparent that various factors, such as high expenses and debt, could prevent them from meeting their savings goals," said Christine Canning, Head of Everyday Banking, BMO Bank of Montreal. "With these barriers in mind, we advise those who are falling short to take simple steps, such as putting aside smaller amounts in a separate account and using automatic payments in order to get started."

Ms. Canning added that even the smallest of contributions today can end up making a big difference long-term.

Savings Goals for 2014

The report also identified the most common savings goals among Canadians:


--  Saving for a vacation was identified as the top priority for 2014 (48
    per cent)
--  Building a rainy day/emergency fund ranked second for the year ahead (43
    per cent), with retirement savings coming in third (39 per cent).

Personal Savings By Region and Gender

The report also explored personal saving differences across regions and between genders, and found:


--  British Columbians expect to save the most in 2014 ($15,117), followed
    by Albertans ($12,478)
--  Quebeckers plan on saving the least ($6,179)
--  Men plan, on average, to save $11,228 in 2014, whereas women plan to
    save an average of $7,989.

----------------------------------------------------------------------------
                  Canada Atlantic  Quebec  Ontario Prairies  Alberta    B.C.
----------------------------------------------------------------------------
Amount Saved in
 2013            $ 8,764 $  6,609 $ 6,017 $  9,625 $  9,691 $  9,711 $11,224
----------------------------------------------------------------------------
Planned Savings
 for 2014        $ 9,635 $  7,344 $ 6,179 $  9,570 $  9,095 $ 12,478 $15,117
----------------------------------------------------------------------------

--------------------------------
                     Men   Women
--------------------------------
Amount Saved in
 2013            $10,567 $ 6,961
--------------------------------
Planned Savings
 for 2014        $11,228 $ 7,989
--------------------------------

For more information about how BMO can help make saving more affordable, stop by a BMO branch today or click here.

The Pollara survey was completed between January 10th and 14th, 2014, with an online sample of 1,002 Canadians. A probability sample of this size would yield results accurate to +/- 3.1 per cent, 19 times out of 20.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $537 billion as at October 31, 2013, and more than 45,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.

Contacts:
Media Contacts:
Matt Duffin, Toronto
(416) 867-3996
[email protected]

Valerie Doucet, Montreal
(514) 877-8224
[email protected]

Laurie Grant, Vancouver
(604) 665-7596
[email protected]

Web: www.bmo.com
Twitter: @BMOMedia

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
CodeFutures has announced Dan Lynn as its new CEO. Lynn assumes the role from Founder Cory Isaacson, who has joined RMS and will now serve as chairman of CodeFutures. Lynn brings more than 14 years of advanced technology and business success experience, and will help CodeFutures build on its industry leadership around its Agile Big Data initiatives. His technical expertise will be invaluable in advancing CodeFutures’ AgilData platform and new processes for streamlining and gaining value from gro...
Datapipe has acquired GoGrid, a provider of multi-cloud solutions for Big Data deployments. GoGrid’s proprietary orchestration and automation technologies provide 1-Button deployment for Big Data solutions that speed creation and results of new cloud projects. “GoGrid has made it easy for companies to stand up Big Data solutions quickly,” said Robb Allen, CEO, Datapipe. “Datapipe customers will achieve significant value from the speed at which we can now create new Big Data projects in the clou...
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
“The year of the cloud – we have no idea when it's really happening but we think it's happening now. For those technology providers like Zentera that are helping enterprises move to the cloud - it's been fun to watch," noted Mike Loftus, VP Product Management and Marketing at Zentera Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your o...
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, ...
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial C...
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by minin...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile ...
“This win means a great deal to us because it is decided by the readers – the people who understand how use of our technology enables new insights that drive the business,” said Matt Davies, senior director, EMEA marketing, Splunk. “Splunk Enterprise enables organizations to improve service levels, reduce operations costs, mitigate security risks, enhance DevOps collaboration, create new product and service offerings and obtain deeper insight into customer behavior. Being named Best Business App...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP ...
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
SYS-CON Media announced today that PagerDuty has launched a popular blog feed on DevOps Journal. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done.
SYS-CON Events announced today that ActiveState, the leading independent Cloud Foundry and Docker-based PaaS provider, has been named “Silver Sponsor” of SYS-CON's DevOps Summit New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. ActiveState believes that enterprises gain a competitive advantage when they are able to quickly create, deploy and efficiently manage software solutions that immediately create business value, but they face many challenges that ...