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
Young people 'tortured' if stolen vehicle operations fail, Montreal police tell MPs
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
'It was joy': Trapped B.C. orca calf eats seal meat, putting rescue on hold
A rescue operation for an orca calf trapped in a remote tidal lagoon off Vancouver Island has been put on hold after it started eating seal meat thrown in the water for what is believed to be the first time.
Man sets self on fire outside New York court where Trump trial underway
A man set himself on fire on Friday outside the New York courthouse where Donald Trump's historic hush-money trial was taking place as jury selection wrapped up, but officials said he did not appear to have been targeting Trump.
Sask. father found guilty of withholding daughter to prevent her from getting COVID-19 vaccine
Michael Gordon Jackson, a Saskatchewan man accused of abducting his daughter to prevent her from getting a COVID-19 vaccine, has been found guilty for contravention of a custody order.
Mandisa, Grammy award-winning 'American Idol' alum, dead at 47
Soulful gospel artist Mandisa, a Grammy-winning singer who got her start as a contestant on 'American Idol' in 2006, has died, according to a statement on her verified social media. She was 47.
She set out to find a husband in a year. Then she matched with a guy on a dating app on the other side of the world
Scottish comedian Samantha Hannah was working on a comedy show about finding a husband when Toby Hunter came into her life. What happened next surprised them both.
B.C. judge orders shared dog custody for exes who both 'clearly love Stella'
In a first-of-its-kind ruling, a B.C. judge has awarded a former couple joint custody of their dog.
Saskatoon police to search landfill for remains of woman missing since 2020
Saskatoon police say they will begin searching the city’s landfill for the remains of Mackenzie Lee Trottier, who has been missing for more than three years.
Shivering for health: The myths and truths of ice baths explained
In a climate of social media-endorsed wellness rituals, plunging into cold water has promised to aid muscle recovery, enhance mental health and support immune system function. But the evidence of such benefits sits on thin ice, according to researchers.