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Canadians Spend Too Much, Save Too Little

Canadians are spending too much, saving too little and carrying too much debt, says Blake Goldring, chairman and CEO at AGF Management Limited. In the speech ‘Rethinking Saving, Investing and Risk: Toward a more financially secure Canada’ to the Economic Club of Canada, he said it will take all hands on deck to address the issue of Canadians failing to save. “Individual Canadians, government, and the investment community will have to make this a priority,” he said. “At the moment, no-one would mistake Canada as a nation of savers. A generation ago, we could make this claim. Today, we have become a nation of spenders.” The debt-to-income ratio is the highest it has ever been in this country and ‘for Canada, a high debt-to-income ratio is an accident waiting to happen – and it will hit every segment of society.” There have been some “noteworthy responses,” he said, calling the establishment the Task Force on Financial Literacy among the most important, including its recommendation to make financial education a lifelong endeavour.

Courtesy of Benefits and Pensions Monitor website News Alerts

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