Survey finds nearly one-third of respondents….

…. didn’t have enough money to live on.

The Canadian Press

TORONTO – Nearly one-third of Canadians that responded to a recent survey backed by a major Canadian bank said they didn’t have enough money to cover living expenses.

An online survey completed for TD Canada Trust (TSX:TD) also found that 54 per cent of the 1,003 people who answered said it was a real struggle or impossible to save.

The report, released Wednesday, says that 38 per cent of respondents said they had no savings and 30 per cent said they didn’t have enough money for their living expenses.

On the flip side, 30 per cent of the respondents said they had enough money saved to cover living expenses for at least four months.

The online survey, based on a representative sample of Canadian adults, was conducted before Christmas from Dec. 2 to 7 by Environics Research for the bank.

TD used the survey results to publicize its services for helping customers with their savings.

The survey found the top goals for the respondents were: saving for retirement (73 per cent), paying off credit cards (72 per cent), and major purchases or vacations (53 per cent each).

On a regional basis:

— 22 per cent of respondents in the Atlantic provinces said they found saving “impossible” and 43 per cent indicated any left-over money was being used to pay down debt.

— 54 per cent of respondents in Ontario said they found it a “real struggle” or impossible to save and 33 per cent said they didn’t have enough money to cover living expenses.

— 33 per cent of respondents in Saskatchewan and Manitoba indicated it was a real struggle to save but a larger portion (37 per cent) said they had enough money saved to cover at least four months of living expenses.

— 55 per cent of respondents in Alberta said it was a real struggle or impossible to save but 31 per cent said they had enough money saved to cover at least four months of living expenses.

— 44 per cent of respondents in British Columbia said it was a real struggle or impossible to save; 30 per cent said they didn’t have enough money to cover living expenses.

 

We all have strength enough to endure the misfortunes of others.

from John Prince
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1 Response to Survey finds nearly one-third of respondents….

  1. Anonymous says:

    Canadian Banks are ruthless and charge these extra service fees some you are not even aware of, encourage you to solve all your financial problems using their credit card and paying them 21%, make you stand in line for 30 minutes to get your money and we as meek Canadians go along with this rip off. If you are in small business they will give you a line of credit and then take your house if you miss a payment without the slightest hesitation. They also hire part-time people just like Walmart so they don’t have to pay benefits, thus increasing their profits.The only alternative is the Credit Union where they treat you with respect and are run by members. A former bank employee.

    Hutch

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