Most Canadians spend needlessly

Canadians are seriously lacking on the savings front, says a Dejardins online survey.

The survey indicates that Canadians’ personal finance knowledge and habits have changed very little over the past two years.

Read: Financial system bypasses many Canadians

It also shows:

• 60% of respondents think they aren’t saving enough.
• 94% admit to spending needlessly.
• 47% don’t have an emergency fund that could cover their expenses for more than three months.
• 50% of respondents nearing retirement (between 55 and 64 years old) say they don’t have a retirement plan.
• 31% know very little or nothing about the savings products offered by their financial institution.

“We need to create savings products that meet consumer needs and really showcase them to attract as many Canadians as possible. We also need to increase people’s knowledge of personal finance,” said Michel Verreault, vice-president of marketing and sales support for Desjardins Group.

Also read:

Help clients understand ETFs

2 savings tips for new parents

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.