High inflation has about one-third of Canadians putting less into savings, survey says

The rising cost of seemingly everything has caused about one-third of Canadians to reduce the amount they contribute into their savings accounts, according to a recent survey from the Bank of Montreal.

The BMO Real Financial Progress Index is an indicator of how consumers feel about their personal finances and financial progress.

According to this quarter's report, about 36 per cent of Canadians have reduced their savings contributions due to the rising cost of daily expenses, with 22 per cent cutting down on their retirement savings.

The report added about 61 per cent of Canadians wish they had put financial goals in place they have not achieved.

According to BMO, consumers should set financial goals through mobile apps so they can automatically transfer money to their savings accounts on a regular basis.

For banks that allow it, BMO also recommends consumers set up custom transfers.

In these instances, money is only moved into savings accounts once certain conditions are met, such as an account reaching a minimum balance.