Inflation has prompted a third of Canadians (36%) to reduce their savings contributions, according to a BMO Financial Group survey released on Tuesday.
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Nearly a quarter of Canadians surveyed, 22%, said they had reduced their retirement savings contributions due to the rising cost of living.
The survey also found that 61% of Canadians who don’t have financial goals wish they had set them.
“With the rising cost of living on a daily basis, it can be difficult to prioritize savings,” commented Gayle Ramsay, Head, Everyday Banking and Customer Acquisition, BMO.
To help Canadians save and “stay on track,” BMO recommends “setting goals, then saving automatically.” The bank also advises talking to experts to learn how to manage your money according to your situation.
The poll was conducted by Ipsos in Canada and the United States from March 30 to April 25, 2022, among 3,403 adults.