saving

Contributions are falling to levels not seen since the 1970s

In attacking my recent story What’s the Use of Saving Money? as “irresponsible” and “misinformed,” I’m not entirely sure Peter Aceto, the CEO of ING Direct Canada, read beyond the headline. If he did, he’d know it wasn’t a piece that “discourages Canadians from using savings accounts.”  Quite the opposite. While bemoaning and exploring the demise of the saving culture in this country, our story argued that around the world people are being discouraged from putting away their pennies by ultra-low interest rates and government programs that promote spending (Cash for clunkers, home reno rebates etc).

When I came across this week’s Maclean’s, I was pleased to find the theme of saving displayed on your cover page. With personal debt levels in Canada at an all-time high, I assumed that your feature story would be a cautionary tale for Canadians to be frugal with their money.

On the illusion of wealth, and why so many are so far behind in saving for retirement