A recent poll conducted for CIBC poll reveals that nearly 60% of Canadians are currently setting aside money for something other than retirement, the most popular choices being trips (25%), emergency funds (17%), and home renovations (14%).
Although 54% of respondents said they set aside funds regularly, only 14% have money taken from their account or pay cheque automatically.
As for how they save, 32% of those surveyed said they kept their money in a Tax Free Savings Account, while 29% used a chequing or savings account separate from their regular bank account.
"Our CIBC poll shows that Canadians want to save but they don't always have a plan on how to achieve their specific savings goals," says Veni Iozzo, Senior Vice-President, Deposits & Client Solutions at CIBC. "Knowing what you're saving for and how much you need is a good first step, but having a financial plan to determine how much you can put aside and how often is important to help reach your goal faster."