This is the last week of financial literacy month, a time when the focus is placed on helping people become their own financial support team. Topics such as saving and investing are highlighted, along with basic concept such as pay-yourself-first which means saving is the first thing to do with a pay check. Spending is second.
This week’s highlight comes from the folks at CIBC which polled Canadians on their saving habits. It turns out a good segment of our population – 85 per cent – believe we could do better. And we probably should since three-quarters of those over 35 believe they won’t have enough to retire on.
While many say it’s because they don’t earn enough, digging a bit deeper revealed it might be more about us. Two-thirds said they could save hundreds more every month without ‘feeling the pinch.’ In Saskatchewan that figure was $338 monthly.
Further, almost all of us get some ‘extra’ money every year…things such as tax refunds, bonuses or gifts and we don’t save it.
How to turn this around? First, get into a saving mindset. Then set a goal and just start.