The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
Canadians remain confident about their financial futures despite challenging circumstances, according to one of two studies commissioned by Canada Investment and Savings. The National Savers Study, which is conducted annually to shed light on Canadians' personal savings habits and goals, found that that 61 per cent of Canadians expect their personal financial situation to improve over the next four years. That's down only slightly from 63 per cent in 2002, and above the levels of 58 per cent in 2000 and 54 per cent in 1997. The study also found eight in 10 Canadians are satisfied or somewhat satisfied with their financial situation, a trend that has remained stable over the past five years. This year, close to half of those surveyed said they were more conservative than aggressive in their approach to investing. "Canadians right across the country are resilient and remain optimistic about their financial future," said Jacqueline Orange, President and Chief Executive Officer of Canada Investment and Savings. "Having a savings plan and minimizing the risks they take with their money are two of the biggest ways to help bolster Canadians' confidence and outlook for the long term. "Not surprising, the study also found that security of savings ranked as the number one priority for 68 per cent of those surveyed, ahead of potential rate of return." Overall, when it comes to financial goals, Canadians ranked "achieving greater financial security" at the top of the list. Over the past two years "paying off debt" has become an even greater priority than "saving for retirement." The study showed that middle income Canadians in the 25-45 age group are currently paying significant attention to paying down debt. Twenty seven per cent of those surveyed said "starting early" was their number one lesson when it comes to saving, followed by "sticking with a plan" at 11 per cent. In terms of effective methods of saving, the vast majority Ñ some 81 per cent of those surveyed Ñ believe that programs like automatic payroll deduction is the best way to save money.
