|By Marketwired .||
|February 4, 2013 06:01 AM EST||
TORONTO, ONTARIO -- (Marketwire) -- 02/04/13 -- According to the new BMO Household Savings Report released today, Canadians planning to save in 2013 are aiming to put away an average of $9,859 in order to meet their goals - an increase of nearly $600 over last year, or approximately 7 per cent.
While debt levels continue to receive much attention, the report, conducted by Pollara, shows a brighter side of the personal finance ledger.
The report reveals the various different investment vehicles that Canadian savers plan to use to reach their savings goals:
-- The majority of Canadians are using a Registered Retirement Savings Plan (RRSP) or a chequing account (63 per cent and 57 per cent respectively) -- Half (49 per cent) use a Tax Free Savings Account (TFSA) -- One-third (29 per cent) are using a high-interest savings account -- Another quarter (25 per cent) are stashing their savings in Guaranteed Investment Certificates (GICs)
"It's encouraging to see Canadians are planning to maintain or increase their personal savings this year, particularly as we look to balance increasing debt loads and turn around decreasing rates of savings," said Ernie Johannson, Senior Vice President, Personal Banking, BMO Bank of Montreal. "While it's important to pay down debt - particularly high-interest debt - it's essential that households build themselves a financial cushion as well, whether it be for retirement or other goals."
Ms. Johannson noted that balancing the need to pay down debt while still saving can be a challenge, and it's important for Canadians to seek the advice of a professional and create a financial plan that can address both priorities. BMO offers the BMO Smart Saver Account: a high interest savings account that allows for unlimited deposits and transfers into and out of the account and free access to BMO MoneyLogic(TM) - an online personal financial management tool to help track everyday expenses. Currently the BMO Smart Saver account offers a 1.2 per cent interest rate - the highest rate offered among Canada's major financial institutions for a full-service savings account without minimum balance requirements.
Personal Savings By Region and Gender
---------------------------------------------------------------------------- Planned Savings for 2013 Region Gender ------------------------------------------------------------ Canada ATL QC ON MB/SK AB BC Men Women ---------------------------------------------------------------------------- $9,859 $6,698 $5,477 $10,465 $9,702 $18,035 $11,109 $11,631 $8,091 ----------------------------------------------------------------------------
However, the poll shows the optimism is tempered by the fact that only half (48 per cent) say they are saving enough to meet their goals, with high expenses (71 per cent), low income (65 per cent), and debt repayment (52 per cent) cited as the top barriers to increased savings.
According to BMO Economics, the personal savings rate in Canada, calculated by Statistics Canada, currently lies near historic lows at 3.9 per cent. By comparison, the rate climbed above 6 per cent during the height of the latest recession, and reached almost 20 per cent in the early 1980s.
The report also identified the most common savings goals in 2013 among Canadians:
-- Retirement savings and emergency savings tied for second (42 per cent respectively) on the priority list in 2013 -- Nearly one-third of Canadians (29 per cent) are putting aside money for home renovations in 2013, while one-in-five will be saving towards the purchase of a new vehicle (20 per cent) -- Education savings are on the priority list for 19 per cent of Canadians, followed by the purchase of a new home (15 per cent) -- However, vacations and the purchase of luxury items, entertainment and hobbies topped the list, with 66 per cent of Canadians putting cash away for these types of purchases
"It is sometimes difficult to balance financial priorities and responsibilities with spending on items and experiences we enjoy," noted Ms. Johannson. "However, given the economic realities, it is key that we don't let the nice-to-dos overshadow our must-dos. Having a balanced savings approach allows us to live for today while saving for our future goals."
To help Canadians continue to build their savings, BMO is offering a 2.25 per cent interest rate on net new deposits to a BMO TFSA Savings Account - the highest rate currently offered by a major financial institution in Canada - until April 30th, 2013.
For more information about how BMO can help make saving more affordable, stop by a BMO branch today or click here.
As part of its ongoing commitment to 'Making Money Make Sense', since 2009, BMO has introduced various tools to help Canadians effectively manage of their personal finances, including BMO MoneyLogic, BMO by Appointment, BMO SmartSteps, BMO SmartSteps for Parents, BMO SmartSteps for Business and BMO SmartSteps for Homeowners.
The BMO Household Savings Report was conducted via Pollara online survey between January 10th and 15th, 2013, with a sample of 1000 Canadians. A probability sample of this size would yield results accurate to +/- 3.1 per cent, 19 times out of 20. Data has been weighted by region, gender, and age, based on the most recent Census figures, so that it is representative of all adult Canadians.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $525 billion as at October 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: Samsung recognizes that true, accelerated innovation cannot be driven from one source, but requires a...
Oct. 23, 2014 11:45 PM EDT Reads: 2,470
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
Oct. 23, 2014 11:30 PM EDT Reads: 1,562
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Robin Raymond, Chief Architect at Hookflash Inc., will walk through the shifting landscape of traditional telephone a...
Oct. 23, 2014 08:15 PM EDT Reads: 1,452
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Oct. 23, 2014 08:00 PM EDT Reads: 1,564
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
Oct. 23, 2014 08:00 PM EDT Reads: 1,519
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic • Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it’s a mix of architectural style...
Oct. 23, 2014 07:45 PM EDT Reads: 1,518
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a practical demo of building a framework and components in HTML/Java/Mobile technologies to serve as a platform that can integrate new devices as they become available on the market.
Oct. 23, 2014 06:15 PM EDT Reads: 1,517
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accelerate their digital channels with APIs, drive partner adoption, monetize their assets, and achieve a...
Oct. 23, 2014 06:15 PM EDT Reads: 1,528
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customizable platform to easily integrate into existing software solutions, embed business logic and build s...
Oct. 23, 2014 05:45 PM EDT Reads: 1,462
Connected devices are changing the way we go about our everyday life, from wearables to driverless cars, to smart grids and entire industries revolutionizing business opportunities through smart objects, capable of two-way communication. But what happens when objects are given an IP-address, and we rely on that connection, sometimes with our lives? How do we secure those vast data infrastructures and safe-keep the privacy of sensitive information? This session will outline how each and every connected device can uphold a core root of trust via a unique cryptographic signature – a “bir...
Oct. 23, 2014 05:00 PM EDT Reads: 1,364
Internet of @ThingsExpo Silicon Valley announced on Thursday its first 12 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in California. @ThingsExpo, the first and largest IoT event in the world, debuted at the Javits Center in New York City in June 10-12, 2014 with over 6,000 delegates attending the conference. Among the first 12 announced world class speakers, IBM will present two highly popular IoT sessions, which will take place November 4-6, 2014 at the Santa Clara Convention Center in Santa Clara, Calif...
Oct. 23, 2014 01:00 PM EDT Reads: 1,529
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
Oct. 22, 2014 09:00 PM EDT Reads: 1,354
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at Internet of @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, will discuss how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
Oct. 22, 2014 01:15 PM EDT Reads: 1,520
SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...
Oct. 21, 2014 08:30 PM EDT Reads: 1,582
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
Oct. 21, 2014 06:00 PM EDT Reads: 1,457
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
Oct. 21, 2014 05:15 PM EDT Reads: 1,545
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
Oct. 21, 2014 09:00 AM EDT Reads: 1,720
Oct. 20, 2014 11:45 PM EDT Reads: 1,429
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...
Oct. 20, 2014 11:15 PM EDT Reads: 1,830
Oct. 20, 2014 09:45 PM EDT Reads: 1,402