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A new survey finds Canadians are saving money, but almost 20 percent didn't put aside any money in 2014 while 40 percent feel they're not saving enough.
BMO Financial Group’s household savings report also shows 31 percent of Canadians have a fixed savings plan. That’s a significant increase from last year when only 19 percent reported implementing such a plan.
"While Canadians have been taking steps to address aspects of their personal finances - such as paying down debt - the most recent industry data show the household savings rate in Canada hit a five-year low in the fourth quarter of 2014," said Ernie Johannson, Head of North American Retail Payments and Personal Banking Canada, BMO Financial Group in a statement.
Money for vacations was the most common goal among savers, while 43 percent were saving for retirement and 40 percent for emergencies.
According to Statistics Canada, the average household savings rate is 4 percent over the last 10 years, down from 7.9 percent during the 1990s.
The BMO study revealed that a third had less than $10,000 in savings.