Canadian’s fake-it-‘til-you-make-it financial approach doesn’t seem to be working out.
While 59 per cent of Canadians say they are dedicated to their savings plan, closer scrutiny shows otherwise with a third of Canadians regularly biting into their long-term savings for trips, cars or interior decorations, according to a survey by Tangerine bank.
“People want to sound like they know what they’re doing, like they’re money experts,” says Laurie Campbell, CEO Credit Canada Debt Solutions. “But the truth of the matter is, it’s the simple strategies to put money away that people are not following.”
The survey echoes Campbell’s sentiments with an unapologetic 50 per cent of Canadians saying they have no savings goal.
“I get very concerned because they don’t even have the basic savings in place such as an emergency fund or something for a rainy day should something happen to them,” she adds. “We recommend people have three to six months of their income for basic expenses in an emergency fund