Several recent reports have indicated that the majority of Canadians are focused on personal savings, and paying down debt for 2014.
The average Canadian aims to save close to $10,000 in 2014, $1,000 than last year. Popular savings goals are trending towards retirement(39%), vacations(48%), and emergency funds(43%).
Over half of respondents indicated they will be using an RRSP as their savings vehicle, while 47% will opt for a Tax Free Savings Account (TFSA), and 66% plan on using a regular chequing account. Insufficient income, personal debts, and household expenses were all cited as common reasons for Canadians not achieving their previous savings goals, prompting many to subscribe to automatic debits to encourage savings.
Click here for the full article from the Globe and Mail.
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