Canadians will sacrifice cellphones for savings, not sex

Saving takes commitment and an ING DIRECT study finds while more than half of Canadians (52%) don’t save regularly each month, the majority (81%) would be willing to give up some things in exchange for a richer savings account.

The survey found that when push comes to shove, many Canadians would relinquish what most consider “hard to live without” items or activities for a certain period of time – even for a hypothetical $250 a month in extra savings.

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“It seems to us that a key theme among Canadians is that they are very open to making sacrifices to grow their savings,” says Peter Aceto, president and CEO, ING DIRECT. “The survey found more than half of Canadians (56%) don’t feel confident that they’re saving enough each month, but with simple planning, budgeting and by making small changes to their day-to-day spending habits, Canadians can in fact grow their future savings.”

The study asked respondents things they’d give up in exchange for an extra $250 in monthly savings.

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The respondents said as a tradeoff they’d skip three months of social media engagement (72%), personal grooming (67%), entertainment including movies and eating out (64%), and cellphone use (53%).

Sex, however, is one sacrifice many Canadians aren’t willing to make. The survey noted that 44% of respondents wouldn’t give up six months of sex. Female respondents (37%) are far more willing to abstain than their male counterparts (26%).

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Staff

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