Do committed Canadians save as much as they think?

Do committed Canadians save as much as they think?

Do committed Canadians save as much as they think? According to a survey commissioned by EQ Bank, 70% of Canadians see themselves as the saver in their relationship, and only 53% see their partner as a saver. It’s a classic example of a gap in perception, and in this case, the financial reality is quite sobering.

Most Canadians polled self-identified as “savers,” but four in 10 have less than $5,000 in savings; 5% have no savings at all. When it comes to priorities, most Canadians reported saving for short-term priorities, with 78% reporting savings goals such as vacations, electronic devices, eating out, and fashion items.

"Whether you are the perceived spender or saver in a relationship, it's very important to make saving a priority – be it for a romantic vacation or growing old together," said Dan Dickinson, vice president for digital banking at Equitable Bank.

The survey, which was conducted by Environics Research Group on a nationally representative sample of 1,000 Canadians in relationships, found other saving and spending patterns among couples:
  • 15% say they often or sometimes disagree with their partner on money matters.
  • Women (18%) are more likely to say they disagree with their partners when it comes to money issues, while men (89%) are more likely to report agreeing with their partner on such matters.
  • Separating the respondents by city, Halifax residents (93.2%) are most likely to agree with their partners.
  • Twenty-five per cent of Canadians have reported resenting their partner for spending joint money.
“Money has an impact on our relationships” said Dickinson. “It's important to be aligned on your financial priorities and how to make your goals a reality.”

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