Canadian women want to save more money, but feel they cannot afford to, according to a recent study by Scotiabank.
While more than three quarters of women surveyed by Harris/Decima said saving an extra $1,500 a year would improve their financial wellbeing, about 69% said they could not afford to save more than they are already. About 64% said they were already putting aside money at least once a month, compared with about 70% of men.
Despite the fact that women tend to save for the unexpected, only about 27% have enough money saved for three months worth of household expenses, compared with 40% of men, who tend to save for specific goals.
While the vast majority of both men and women would be willing to change their spending habits to save more money, the survey found men were more likely to have a plan in place to achieve their savings goals (71%) than women (64%).