- Survey reveals nearly three quarters of Prairie residents could
benefit from saving an additional $1,500 annually
CALGARY, July 13 /CNW/ - Nearly half (46 per cent) of those living in Alberta, Saskatchewan and Manitoba feel being prepared for a rainy day is the most important reason to save money, according to a recent Scotiabank study conducted by Harris/Decima assessing the saving patterns of Canadians. Though 79 per cent of Prairie residents have some money saved for the unexpected, more than one-in-five (21 per cent) have no rainy day money saved at all.
"Almost all Prairie residents, 95 per cent, expressed that they actually feel better when they have a safety net of savings," said Jan Austen, Branch Manager, Scotiabank. "With so many Prairie residents recognizing the financial and emotional benefits of saving, now is the time for them to take action and start putting money aside and achieve the financial security that they are seeking."
According to the study, 74 per cent of Prairie residents indicated that saving an additional $1,500 a year would be enough to improve their financial well-being. Additionally, 85 per cent of the Prairie population would be willing to make a change to their spending habits if they wanted to save more money.
"Saving that extra $1,500 a year does not have to require making drastic changes to your current spending habits," said Ms. Austen. "$1,500 a year comes down to less than five dollars a day, $4.11 to be precise. At Scotiabank, we can show you how to save that extra $1,500, or whatever your saving goal may be. It's easier than you may think."
To save easily and automatically, Ms. Austen recommends that Prairie residents:
- Save 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;
- Save every time you pay with your credit card by using a credit card
that offers cash back for every dollar you spend; and
- Save with every paycheque by having a set amount automatically
transferred from every pay to a savings or investment account of your
Prairie residents are already taking steps to increase their savings with 29 per cent, five per cent more than the national average, accumulating their pocket change and depositing the money into a bank account. On the other hand, 25 per cent of people from the Prairies, four per cent less than the national average, spend their pocket change right away.
"Loose change may not seem substantial, but every little bit helps when it comes to saving," remarked Ms. Austen. "No matter how you decide to go about saving, the most important part is to make it automatic and on a regular basis."
Let the Saving Begin, Canada!
The attitudes expressed by the Prairie population are very much in line with most of the nation, with 72 per cent of Canadians agreeing that saving an additional $1,500 per year would improve their financial well-being. While 94 per cent Canadians feel much better when they have a safety net of savings, nearly one third (32 per cent) of Canadians do not have a plan in place to achieve their savings goals and only 55 per cent save on a regular basis.
"Canadians across the country are aware of 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," concluded Ms. Austen. "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.
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 204 surveys were completed from Alberta, Saskatchewan, and Manitoba. 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: Robyn Harper, Scotiabank Public Affairs, 416-933-1093, email@example.com; Tricia Soltys, Narrative Advocacy Media, 416-509-0955, firstname.lastname@example.org