December 9, 2019 admin

Canadians have a love affair with debt. In the first quarter of this year, Statistics Canada noted that households had more than $ 2 trillion in debt and that the debt-to-income ratio was 166.9% – almost a record level. While mortgage debt accounts for almost two-thirds of household debt, the other third is consumer debt (for example, credit card debt and auto loans). While the household savings rate is a meager 4.3%. Saving money is important if you want to become a homeowner or have a comfortable retirement. Here are five reasons why you do not save enough: You do…