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Canada Saves More in a Recession than other Nations

By Andrew Moran     Aug 7, 2009 in Business
In a new international survey among nine countries, Canada is number one when it comes to saving during tough economic times, such as now.
A new international ING Direct Survey shows that 77 per cent of Canadians are at the top of the list when it comes to saving during a recession. Austria is behind by one percentage point and the United States is third with 72 per cent.
The United Kingdom, France, Germany, Spain, Australia, and Italy round out the rest of the countries who took part in the survey.
Results of the survey show that Canadians were using a variety of techniques to have more money in the bank. 80 per cent of respondents will do things differently to save money: 55 per cent will cut unnecessary luxury items, 50 per cent will turn off the lights in order to save energy and 50 per cent will stay at home more often.
Canadians, however, are worried about their retirement plans. 29 per cent believe the recession has taken a toll on their retirement plans and 33 per cent believe they will have to work ten more years before they can retire.
ING Direct President and CEO Peter Aceto stated in a press release, “Despite the economic recession worldwide, Canadians have remained more optimistic about their finances than people in other countries and they've taken charge of their own economic well-being.”
The survey was conducted online among 1,052 adults, in each country, and took place between May 26 and June 9.
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