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A majority of Canadians (64%) aim to save at least $10,000 over the next five years, says a new poll commissioned by Toronto-based EQ Bank.

The recent poll found that the savings behaviour of Canadians does not seem to align with their overall financial goals.

When asked where they would put an extra $100, more than one-in-four Canadians (27%)  said they would rather leave it as cash.

Only 16% said they would invest it in mutual funds, followed by 14% who said they preferred a safer option with Guaranteed Investment Certificates (GICs).

“It is encouraging to see Canadians wanting to save for their future, but their habits don’t necessarily match up with their goals if money is sitting in cash,” says Dan Dickinson, chief digital officer at EQ Bank.

EQ Bank commissioned Environics Research Group to conduct an online survey of 1,040 Canadians from April 3-5. Survey respondents were 18 years of age or older and residing in Canada.