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.