Canadians, like many other people across the globe are striving to save more in 2013 than in recent years.
As the world crawls out from the trenches of the Great Recession, people are coming into contact – many for the first time in three or four years – with some dispensable income. Some are using it to pay down debt, purchase new homes and make repairs that were put off, but others are putting that toward retirement, which just might be the only positive effect of economic downturn.
Bank of Montreal (BMO) reported today that Canadians are planning to save $9,859 in 2013, a 7 percent increase from last year. In the report, conducted by Pollara, Canadians overwhelmingly reported that saving for retirement was the No. 1 destination for their money.