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A new H&R Block Canadian study found that 74% of Canadians are worried that they are not investing enough money for savings, while 85% feel that checking is a new norm.
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The latter sentiment is above 60% view, and they say they all feel this way in the 2024 H&R Block study.
The poll also found that in 2025, 78% may reduce savings, while 66% are worried about their future financial situation because they are not putting enough money aside.
The survey says 7% of salary checks are the average amount of savings, while 20% of the rule of thumb is listed, while 10% of the salary means their salary doesn’t even pay for living expenses.
The survey shows that only 18% of reports pay 20% or more of their salary checks to save, while 21% of reports put about 10% of their salary into savings, and 25% of their salary into savings.
Polls say 62% think they don’t have enough money left from their salary checks to save.
“While Canadians feel financial pressure, Canadians feel financial pressure to not have enough money to save given the high cost of living,” Canadians H&R Block tax expert Yannick Lemay Yannick Lemay said in a statement.
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“The good news is that 65% of Canadians expect refunds this year to be higher than 36% last year, a large part of which may be due to investments in tax-friendly savings plans like RRSP.”
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Overall, 54% of Canadians feel good about their current personal financial situation, while 46% have no positive attitude.
51% said that despite the good salary, it was difficult to make ends meet, while 81% worried that their income was not keeping up with the cost of living.
Polls found that in 2025, 78% of people believe that in 2025 they may buy less savings accounts in 2025.
The survey shows that 46% of people cannot save money for long-term goals such as retirement or homes because their salary meets their immediate needs, while 33% feel that they may like to spend money because the feeling of buying a home is untouchable for the foreseeable future.
The poll found that 48% of Canadians rely on credit cards for larger purchases rather than leveraging their savings, while 17% rely on installment payment options, including later payments (BNPL).
The survey shows that if unexpected spending occurs instead of relying on their savings, 56% of people are worried that they must be in debt or use a credit card.
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