Ever curious as to how you compare to other Canadians when it comes to savings habits? RateHub.ca recently published its 2016 Digital Money Trends report, which outlined the differences between generations and what they’re saving for.
Taking the data a step further, we created the below infographic outlining regional differences when it comes to saving money and the overall saving trends of Canadians.
A large percentage of Canadians are continuing to save money, with the biggest savers located in Manitoba, Saskatchewan, and Alberta. However, respondents in the Atlantic provinces seemed to be saving the least and are the least confident they’ll have enough money for retirement.
As a whole, Canadians are focused on saving for retirement, which is aligned with Canadians’ knowledge of tax shelters. Sixty-five percent of respondents understand the benefits of a TFSA and 59% understand the benefits of an RRSP. However, there is still a knowledge gap in other tax shelters like a LIRA or a LIF. Dive into the infographic below and see where you stand.
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Flickr: KMR Photography