Canadians’ Saving Habits Don’t Align With Their Goals, According To An Environics Research Poll For EQ Bank

TORONTO /CNW/ –
A majority of Canadians (64%) aim to save at least $10,000 over the next five years, proving Canadians agree they need to save more money despite record debt and concern over rising interest rates, says a new poll conducted by Environics Research and commissioned by EQ Bank.

The recent poll found that the savings behaviour of Canadians does not seem to align with their overall financial goals. When asked where they would put an extra $100, more than one in four Canadians (27%) said they would rather leave it as cash. Only 16% said they would invest it in mutual funds, followed by 14% who said they preferred a safer option with Guaranteed Investment Certificates (GICs).

When asked where they would put an extra $100, more than one in four Canadians (27%) said they would rather leave it as cash

To help Canadians get closer to reaching their savings goals, EQ Bank, Canada’s Challenger Bank™, has launched new GICs, offering competitive rates with a low minimum deposit of only $100. From 2.76%+ on a 1-year term to 3.50%+ on a 5-year term, Canadians can now secure their savings’ growth potential with a guaranteed high interest rate. And, as a branchless bank, EQ Bank offers the ease and flexibility to purchase GICs online.

“It is encouraging to see Canadians wanting to save for their future, but their habits don’t necessarily match up with their goals if money is sitting in cash,” says Dan Dickinson, Chief Digital Officer at EQ Bank. “GICs play an important role in Canadians’ saving strategy by offering security, peace of mind and guaranteed growth, especially during times of uncertainty in the market. And for the savvy investor, GICs can produce yields that could be superior to other investments such as fixed income mutual funds.”

Visit eqbank.ca to learn more about how Canadians are growing their money faster.

 

Survey Methodology


EQ Bank commissioned Environics Research to conduct an online survey of 1,040 Canadians from April 3-5, 2018. Survey respondents were 18 years of age or older, and residing in Canada.

 

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