Some people in Timmins say it’s getting harder to save money
Some people in the city of Timmins are still taking trips to the mall, either for necessities or self-care splurges. Maybe, just to get out.
But when it comes to saving money, some are finding they have less to put away these days.
Here’s a random sampling of what people had to say:
“Currently we are saving and trying to invest in stocks. However, with the current inflation rate in the last couple months, it's become more difficult to put away that extra."
"Obviously, saving money right now is a bit hard. I work in the entertainment industry, so the entertainment industry was at a halt during all the pandemic. So, revenues were a bit hard."
And, it seems many Canadians from ages eighteen to fifty-four are feeling a similar pinch.
A recent survey said people are pessimistic about saving, as the cost of living continues to rise.
"A lot of the younger people have been through a lot. Whether it's 911, whether it's the pandemic, whether it's the newest war and inflation. I think all that is culminating to the fact that they're just almost giving up on that savings," said Amos Solomon of Advisorsavvy, a financial institution in Toronto.
The firm recently canvassed around fifteen hundred people, with the survey showing the following:
• about 22 per cent don't see the point of saving/investing now
• about 25 per cent dipped into savings/emergency fund
• about 70 per cent wish they saved/invested more earlier in life
Amos said saving anything is critical to having a nest egg later in life.
"Don't push it off, get to it right now, as soon as you can, and start saving. Whether it's in the markets, or whether that's in a bank account, just get started."
Northerners agree it’s important to have a safety net.
"Let's think of the pandemic as the perfect example of having a little money aside beforehand can help."
For those individuals who are anxious about where to start, Amos said talking with friends and family can help get you thinking. Though speaking with a financial advisor can help you put a solid plan in place.
CTVNews.ca Top Stories
Canada's most wanted fugitive arrested in P.E.I. in connection with Toronto homicide
A suspect in a fatal shooting in Toronto’s east end last summer has been arrested in Charlottetown, just one week after he topped a list of Canada’s most wanted fugitives.
BREAKING Federal employees will be required to spend 3 days a week in the office
Starting in September, public servants in the core public administration will be required to work in the office a minimum of three days a week. The Treasury Board Secretariat says executives will need to be in the office four days per week.
Concerns about plexiglass prompt inspections at some Loblaws locations in Ottawa
Inspections are underway at more than one Loblaws location in Ottawa after complaints were filed about tall plexiglass barriers.
Plane overshoots runway at airport in St. John's, N.L., no injuries reported
Investigators from the Transportation Safety Board of Canada are headed to St. John's, N.L., after a plane overshot a runway at the city's airport this afternoon.
Poilievre unrepentant over calling Trudeau 'wacko' as his MPs say Speaker should resign
An unrepentant Pierre Poilievre returned to the House of Commons on Wednesday to pepper the prime minister about his drug decriminalization policies after being booted the day prior for refusing to take back calling Justin Trudeau 'wacko' over his approach to the issue.
Five human skeletons, missing hands and feet, found outside house of Nazi leader Hermann Göring
Archeologists have unearthed the skeletons of five people, missing their hands and feet, at a former Nazi military base in Poland.
Toddler of Phoenix first responder dies after bounce house goes airborne
A two-year-old child died after a strong gust of wind sent the bounce house he was in airborne and into a neighbouring lot in central Arizona, the Pinal County Sheriff's Office said.
NDP Leader Jagmeet Singh confirms his party will support the Liberals' federal budget
NDP Leader Jagmeet Singh says his party will support the federal budget, ending any speculation that the party could pull out of its deal with the minority Liberal government.
Dental care program accepting claims for 1 million seniors
Citizens' Services Minister Terry Beech says 1,200 seniors have already visited a dentist and had their claims processed by the federal government's new dental care plan.