|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.
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Jul. 28, 2016 12:30 PM EDT Reads: 573
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
Jul. 28, 2016 12:00 PM EDT Reads: 1,222
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
Jul. 28, 2016 11:15 AM EDT Reads: 1,136
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Jul. 28, 2016 10:45 AM EDT Reads: 1,273
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Jul. 28, 2016 10:30 AM EDT Reads: 814
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Jul. 28, 2016 10:00 AM EDT Reads: 276
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 28, 2016 09:30 AM EDT Reads: 1,405
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Jul. 28, 2016 09:00 AM EDT Reads: 1,612
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Jul. 28, 2016 07:30 AM EDT Reads: 539
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Jul. 28, 2016 06:45 AM EDT Reads: 1,572
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Jul. 28, 2016 05:45 AM EDT Reads: 2,332
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Jul. 28, 2016 03:15 AM EDT Reads: 2,656
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Jul. 28, 2016 03:00 AM EDT Reads: 1,651
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
Jul. 28, 2016 02:30 AM EDT Reads: 1,565
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
Jul. 28, 2016 02:15 AM EDT Reads: 1,426
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
Jul. 28, 2016 02:00 AM EDT Reads: 2,071
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
Jul. 28, 2016 01:45 AM EDT Reads: 1,135
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Jul. 28, 2016 01:15 AM EDT Reads: 885
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 28, 2016 01:00 AM EDT Reads: 1,643
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 27, 2016 10:30 PM EDT Reads: 1,426