Canadians struggling to save and pay off debt; 38 per cent have no savings
Hi everyone, here is an interesting article with some discussion fodder. 38% with NO savings? Wow, this country is in trouble.
Many Canadians are finding themselves caught between the struggle to save money and repay their debts, says a survey from TD Bank.
In the report, 38 per cent of Canadians surveyed said they had no savings at all....
Hey, I was planning to post this.
Yea, this was in the news yesterday.
And the very next item in the news was the following:
Sales of alcohol increasing across Canada
beer and liquor stores selling $9.2 billion worth of beer in the year ending March 31, 2010
And how much does that work out per year per capita (adult)?
And let's not even talk about the sales of tobacco products.
Good, we need somebody to spend money and stimulate the economy.
Savings stimulates the economy even more because those $$ saved are in fact invested one way or another.
It has multiplier effect.
Isn't there another statistic floating around these days that the Canadian propensity to save is as low (or even lower) than the US propensity?
Well it's their own damn fault I say!
Originally Posted by HaroldCrump
Why should we pity the current society's spending habits and lack of
fiscal responsibility?? If they haven't got a clue on how to manage their income on a budget preferring to just go hog wild with all those credit cards/new cars/new homes etc..they deserve what they get.
If you think the current mixed generation is in trouble..wait until this next
generation ( born in this decade)is old enough to become consumers.
what should we call them??
first there was generation X
then generation y (?)
Then generation LOST
Pretty soon there will be new generation called "Nought."
"When I was 17, I dreamed of being king,
and having everything I wanted..
but that was the capitalists fault,
I went into default....
and now I'm the king...the king of nothing!"
Last edited by carverman; 2011-04-21 at 02:05 PM.
Another news item depicting the sad reality
I think we are heading for some trouble in the "new world of tomorrow"..
check out this news item.."survey says..."
ONE THIRD! of Canadians can't afford to live now..what is going to happen
to them in the next 20-25 years when they reach retirement age?
Anyone care to guess?
Will the CPP and other gov't safety nets still be around?
Will the economies shrink so much that only certain sectors will still be
providing jobs for all the graduates?
and will the gap between the haves and the havenots continue to grow
wider and wider?
Can the city welfare system be able to support all,the ones in future need and who is going to pay for it?
Ok the micrphone on this soapbox is ON...who's first to give us their thoughts
on what seems to be a very sad state of affairs and it's not going to
improve by any stretch of the imagination in the future either............
There are about 25 million people 19+ so that would work out to about $370 per adult per year, sounds like a lot, but really that's only 30 dollars a month. Case of beer or a bottle of rye a month.
Originally Posted by HaroldCrump
Not allowing of course for the black market.
Time to bring home economics back to middle and high schools. Then personal financial planning. Too many people legitimately have no clue how to handle money.
What needs to be done, is tax the rich more, and give the proceeds to those 38%, then everyone will have money and all our problems will be gone.
Are low savings/high debt a reflection of poor habits or are they simply a reflection of low interest rates?