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.
CTVNews.ca Top Stories
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Pearson gold heist suspect arrested after flying into Toronto from India
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Justin and Hailey Bieber are expecting their first child together
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
New analysis of Beethoven's hair reveals possible cause of mysterious ailments, scientists say
High levels of lead detected in authenticated locks of Ludwig van Beethoven's hair suggest that the composer had lead poisoning, which may have contributed to ailments he endured over the course of his life, including deafness, according to new research.
Debate on abortion rights erupts on Parliament Hill, Poilievre vows he won't legislate
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
B.C. man used Bobcat as 'weapon' while chasing away homeless people, judge says
A B.C. man has been convicted of assault with a weapon after using a skid-steer Bobcat to chase two homeless people from his lawn, injuring one of them in the process.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Flat tire on a highway? Here's why you shouldn't try to fix it
If you're cruising down a highway and realize you have a flat tire, you may want to think twice before stopping to fix it on the side of the road.
Miss Teen USA steps down just days after Miss USA's resignation
Miss Teen USA resigned Wednesday, sending further shock waves through the pageant community just days after Miss USA said she would relinquish her crown.