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Recession-battered Canadians Grow Conservative

Recession-battered Canadians are growing more conservative with their money and turning away from high risk investments to the safety of savings accounts ā€” a trend that banks are cashing in on, industry insiders say.

Canadians this year have opened about 20 per cent more chequing and savings accounts than last ā€” a giant leap from the average three to five per cent annual increase, said financial services consultant David McVay.

“Canadians are more conservative than they were in 2007,” McVay said, adding that more consumers are paying off debt, opening RRSPs and tax-free savings accounts than they were a year ago.Ā  Read More…

Replies to this Post

  1. Jed Z says:

    hey you can always hit the casino and potentially double your money….SNAKE EYES!!

  2. Deshawn says:

    God god man, at least eat light tuna, not cat food. I’ve tasted cat food it’s gross. My kitty eats what i eat now and so that includes little birdies and other small criters šŸ˜€

  3. Darrell Frazer says:

    LOL! You might want to watch your ash diet then!

  4. Ezra B says:

    I’m now eating cat food as my main source of nutrition.

  5. Kobe says:

    It just makes practical sense. I wouldnt call it being conservative by a long shot. In normal situations yes people spend more than they save but if we are in a bit of a slow down the upside to it is that we are beginning to “wisely save”. Something that has been sorely missing for decades now. Financial responsibility is always a good thing.

  6. Loren Denison says:

    Didn’t we just hear at the g20 how Canada was the golden boy/girl of the world in having a strong economy? Where’s your daddy now?

  7. Tanner says:

    I’ve become more frugal with my spending these days more out of concern of an unstable market than anything else. I might open my pocket a bit more this xmas though.

  8. Kane says:

    Well of course we are becoming more conservative when you see these big banks getting all these bailouts and we get nothing in return. It pays to be rich.

  9. Ola M. says:

    Oh please! We are not in a recession. This is part of the cycle. People are saving. With all these new benefits like TFSA accounts as great options why wouldnt they? The stock market sucks and so it seems logical to put money where one can earn valuable interest. Nuf said!

  10. Rylee Lipput says:

    Does anyone care to finally admit that we are totally screwn on this one?

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