Zero savings: A fifth of Canadians put nothing aside in 2013

According to an article published by the Financial Post (National Post) on January 25, 2014, almost a fifth of Canadians saved nothing at all last year, not a cent.

Blaming bills or debt or a lack of funds, 17% of individuals polled by Pollara for BMO’s household savings report, said they couldn’t save.

Respondents cited insufficient income to save (69%), high expenses (67%) and debt management (50%) as barriers for meeting their savings goals.

There is a silver lining, however, as this figure dropped from 28% in 2012 to 17% in 2013.

For the full article use the link: http://business.financialpost.com/2014/01/25/zero-savings-a-fifth-of-canadians-put-nothing-aside-in-2013/