- Survey reveals saving an extra $1,500 a year could make a difference
to majority of Atlantic Canadians
HALIFAX, July 13 /CNW/ - Over half of Atlantic Canadians (51 per cent) say that saving for a rainy day is a top priority, according to a recent Scotiabank study conducted by Harris/Decima assessing the saving patterns of Canadians. Atlantic Canadians (87 per cent) are significantly more likely than the rest of Canada (72 per cent) to indicate that being able to save an additional $1,500 a year would improve their financial well-being.
"While 91 per cent of residents in Atlantic Canada expressed that they actually feel better when they have a safety net of savings, only two thirds (61 per cent) have a plan in place to achieve their saving goals," said Gisela Cardwell, District Vice-President, Atlantic Region, Scotiabank. "So now is the time to take action to ensure Atlantic Canadians can achieve the financial security that they are seeking."
When asked what they would do with their pocket change, the study found that 29 per cent of Atlantic Canadians deposit their loose change into a bank account, ahead of the national average of 24 per cent.
"Small changes, like depositing loose change into a savings account may not seem significant, but it does add up," continues Ms. Cardwell. "Simply put, that extra $1,500 a year means saving less than five dollars a day - $4.11 to be exact. So, instead of spending your loose change, why not save it. Every little bit helps."
According to the study, nearly all Atlantic Canadians (90 per cent) are willing to change their spending habits if it means saving more money.
In addition to saving your pocket change, Ms. Cardwell recommends saving automatically by:
- Saving every time you pay with your debit card by using a debit card
that rounds up your purchases to the nearest dollar or five dollars;
- Saving every time you pay with your credit card by using a credit
card that offers cash back for every dollar you spend; and
- Saving with every paycheque by having a set amount automatically
transferred from every pay to a savings or investment account of your
Let the Saving Begin, Canada!
In line with some of the opinions expressed by Atlantic Canadians, 94 per cent of Canadians feel much better when they have a safety net of savings; however nearly one third (32 per cent) do not have a plan in place to achieve their savings goals and only 55 per cent save on a regular basis.
"We all recognize the importance of saving and it's now time to do something about it - it's time for Canadians, from east to west, to get back to basics and start saving again," remarked Ms. Cardwell. "Canadians have told us that they are willing to make the small changes necessary to help them save and Scotiabank is committed to helping them make these changes to accomplish their goals. It's time to let the saving begin, Canada."
Let the Saving Begin is a Scotiabank program designed to inspire and empower Canadians to get on track with their saving, investing and borrowing habits, without having to make significant changes to their current behaviour.
Built on three simple principles, Let the Saving Begin encourages Canadians to:
- Save automatically, because it works;
- Invest for your future, because no one else will; and
- Borrow to get ahead, not fall behind.
Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With close to 68,000 employees, Scotiabank Group and its affiliates serve approximately 14.6 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With more than $526 billion in assets (as at April 30, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.
The Scotiabank Spring Savings Study was conducted online using Harris/Decima's online panel. A total of 1,006 completed surveys were collected from a random sample of panel members across Canada, of which 100 surveys were completed from Atlantic Canada. The study was conducted from March 26th, 2010 to March 31st, 2010.
This was a standard panel survey among a random sample of Harris/Decima's Canadian panel members. In a fashion similar to a telephone study, email addresses from Harris/Decima's panel were pulled at random, according to population and gender specifications, in order to make the study representative of the Canadian population by region and gender. When contacted to solicit participation, participants had no prior knowledge of the subject matter of the study. Harris/Decima controls access to the study through passwords to ensure that respondents can participate only once. Subsequent to completion of the study, the data was weighted by region, age, and gender.
For further information: For further information: Patty Stathokostas, Scotiabank Public Affairs, 416-866-3625, email@example.com; Tricia Soltys, Narrative Advocacy Media, 416 509-0955 or firstname.lastname@example.org