Rising debt, and a lack of savings appear to be a problem for most Canadians.
A new survey by the Globe and Mail found that non retired Canadians don’t save on a regular basis, while debt levels remain at an all time high.
However, on the opposite end, another 65% believe their financial discipline is quite high.
Local MNP debt trustee Judy Scott says that is troubling when coupled with the other numbers:
“Only 60% of households with debt said that they paid off a portion of their debt on a regular basis, and more than half of respondents said that they don’t have a special reserve fund for financial emergencies”
She warns Canadians to not be lulled into a false sense of security due to low interest rates, and to always have a reserve fund – no matter how small – in place.
While reducing debt was obviously the most important thing, she believes the best way to save is by setting up automated withdrawals with your bank.
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