Although 70% of Canadians consider themselves to be “savers,” a significant percentage of them (40%) have less than $5,000 tucked away, according to a new report from Toronto-based EQ Bank, the digital banking arm of Equitable Bank.
Furthermore some Canadians find themselves with barely any or no savings, the report states, as 18% have less than $1,000 while 5% have no savings at all, according to the report, which was released on Tuesday.
When Canadians are not saving to pay their day-to-day bills, 58.8% are looking to build funds for travelling while the second-most-desired discretionary expense is for electronics, with 5.7% saying they are saving for something in that category. Saving to dine out comes in third with 3.8% of Canadians. Less than 1% of Canadians are saving for spending related to fitness activities such as a gym membership (0.8%) or “adventure” activities, such as rock climbing or skydiving (0.6%).
The report also studies survey participants’ views of their partners’ saving habits. Canadians tend to give themselves more credit for saving than their partners, with only 53% saying their partners are savers compared with the 70% of survey participants who declared that they’re good at putting money away.
In addition, 15% of survey participants say they often or sometimes disagree with their partners on money issues, with women (18%) more likely to say this is the case than men (11%). As well, 25% of Canadians admit they have resented their partner for spending joint money.
“Money has an impact on our relationships,” says Dan Dickinson, vice president of digital banking at Equitable Bank, in a statement. “It’s important to be aligned on your financial priorities and how to make your goals a reality.”
The survey was conducted for EQ Bank by Environics Research Group and included the responses of 1,000 Canadians who are meant to be a representative sample of the total population. The data were gathered from Aug. 9–18.
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