Affordability top of mind for Canadians working to build savings and
TORONTO, Nov. 26, 2012 /CNW/ - According to a recent Scotiabank poll, the
majority of Canadians cited lack of affordability as the primary challenge to
building their savings. However, more Canadians are moving in the right
direction with 53 per cent taking steps toward 'paying themselves first' by
automatically putting money toward savings or investments (vs. 44 per cent in
2011). And, while 28 per cent of Canadians admit to getting a late start on
their investing, over half (55 per cent) report they regularly add to their
investments. Additional findings on investors' mindset on saving and investing
-- Fifty-nine per cent of Canadians agree they have a very good
understanding of the amount they need to save to fund their
desired retirement lifestyle (vs. 54 per cent in 2011).
-- More than half of Canadians (54 per cent) are contributing at
least monthly to their savings and investments - unchanged from
-- Thirty-eight per cent of Canadians cited lack of funds as the
most common reason for not having money automatically
"We know that every customer's finances are unique and require a saving or
investing plan tailored to work for each specific situation," said Mike Henry,
Senior Vice-President of Retail Payments, Deposits and Lending at Scotiabank.
"Affordability is clearly on the minds of Canadians, and our financial
advisors are here to help build an individualized plan that takes that into
account, ensuring that each plan is goal-focussed and achievable. It's
important to grab every savings opportunity and remember that even small
contributions can help move you toward your goals."
About the polling data
The Scotiabank Mega Poll was conducted through Harris/Decima's telephone
omnibus, teleVox from June 18 through 28, 2012. A total of 2,013 surveys
were conducted nationally with Canadian respondents 18 plus years of age.
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 81,000 employees, Scotiabank
and its affiliates serve some 19 million customers in more than 55 countries
around the world. Scotiabank offers a broad range of products and services
including personal, commercial, corporate and investment banking. With assets
of $670 billion (as at July 31, 2012), Scotiabank trades on the Toronto (BNS)
and New York Exchanges (BNS). For more information please visit
Did you know? November is Financial Literacy Month, to learn about
Scotiabank's Financial Literacy Strategy please read the related press release
on the Scotiabank Newsroom at www.scotiabank.com.
BACKGROUNDER: Canadian Mindset on Saving and Investing
-- Men (65 per cent) are more likely than women (54 per cent) to
feel they have a good understanding of what they require to
fund their desired retirement lifestyle.
-- Manitoba/Saskatchewan residents and Albertans are more likely
than Ontarians to admit to a later start to investing but now
regularly add to their investments (34 per cent each vs. 26 per
-- While 28 per cent of Canadians had a late start investing, they
now regularly add to their investments.
-- Men (31 per cent) are more likely than women (22 per cent) to
say they began saving at an early age and continue to regularly
add to their investments.
-- Women (67 per cent) are more likely than men (60 per cent) to
cite lack of affordability as the main barrier to increasing
their savings. Older Canadians (age 55+) are least likely to
cite this barrier (47 per cent).
-- Atlantic Canadians (69 per cent) are more likely than Albertans
(57 per cent) to indicate lack of affordability while older
Canadians (age 55+) are most likely to say they are saving
enough already (32 per cent).
-- Quebec residents are (57 per cent) are more likely than
Ontarians (51 per cent) and British Columbians (47 per cent) to
say they pay themselves first by automatically putting money
into their savings or investments.
-- Men are significantly more likely than women to be paying
themselves first (56 per cent vs. 49 per cent).
-- Albertans are more likely than nearly all others to be diligent
with the frequency of contributing to savings/investments, with
two-thirds (67 per cent) making at least monthly contributions.
Diana Hart Scotiabank P: 416-866-7238 E:firstname.lastname@example.org
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-0- Nov/26/2012 13:00 GMT
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