New poll shows saving up for new experiences and personal growth top wish lists for new year
TORONTO, Jan. 8, 2019 /CNW/ - Despite negative news headlines, a new national poll conducted by Advanis for Motive Financial shows 90% of Canadians are highly optimistic about their personal goals and saving money in 2019.
Topping the list of these goals is saving money for experiences and opportunities for personal growth. This beats out the want for material items such as recreational vehicles and designer clothing. When asked "2018 is almost over. What are your goals for next year?" respondents indicated they want:
to take steps to turn a dream into reality – 36%
to attain personal growth (take a course in a new skill, join an interest group) – 32%
the chance to seize 'the moment' more – 31%
To make their dreams a reality, the survey found that half (51%) of Canadians are saving regularly for their future, vacations, retirement and increased cost of living. In fact, 73% of Canadians say that savings are important to them and 64% look for ways to bank smartly.
To delve further into Canadians perspectives on saving money, the poll asked: "If you could wave a magic wand and have a secret saving account that you could use to save for anything you would like, what would you use it to save towards?" Turns out, meaningful new experiences including the following top the list:
a special family vacation (40%)
a surprise weekend getaway (18%)
a once-in-a-lifetime experience like climbing Mount Kilimanjaro (14%)
And we're also looking for opportunities to enhance our lives closer to home:
32% said they would save for a down payment on a house
29% want to do home renos or furnishings
27% want to buy a car
The release of the survey coincides with the public launch of the Motive ™ Savvy Savings Account which boasts a market competitive, "no catch", 2.80 per cent interest rate.
"The act of saving, by its very nature, is optimistic," says Jeff Wright, Senior Vice President, Client Solutions, Canadian Western Bank. The MotiveTM Savvy Savings Account is designed to help Canadians achieve their goals by offering them a market competitive interest rate – with no catches or limited time offers. We are in this with our clients for the long term."
The top ways that Canadians plan to achieve their savings goals include:
Watching for sales, taking advantage of loyalty programs, or using print or app coupons when grocery shopping (56%)
Reducing impulse purchases (47%)
Eating out less frequently (e.g. one less time per week) (41%)
Canadians are also clear on what they look for when pinching their pennies.
81% want a savings account that offers a competitive ongoing interest rate with no time limits or other catches
69% try to avoid paying bank fees
64% look for ways to bank smartly (low or no fees, good interest rates, no hidden costs)
"The survey tells us that Canadians are indeed 'savvy savers' who are looking for tech-savvy, no-catch banking options to help them achieve their goals more quickly and easily," says Wright. "They know what they want to achieve with their financial goals, and that they can make those goals a reality in 2019."
Survey Methodology A survey of 1246 Canadians was completed online during the period of Oct 30 to Nov 14 using an online panel. A probability sample of the same size would yield a margin of error of +/- 2.8%, 19 times out of 20.
About Motive Financial Motive Financial, formerly known as Canadian Direct Financial, is a division of Canadian Western Bank and is part of the CWB Financial Group. Since 2008, Motive has offered its products and services without traditional branch locations. Operating solely through online and mobile banking, Motive can offer daily banking and investment accounts with competitive rates and minimal service charges. In 2017, Motive TFSA Savings Account was named Top Tax-Free Savings Account in Ratehub's 2017 Personal Finance Awards for maintaining consistent rates and ease of use.
SOURCE Motive Financial
For further information: on this survey or Motive Financial, please contact: Michelle Magee, Pumpkin PR, 416-471-2336, [email protected]