Stewart & Kett in the Media

Our staff are regularly interviewed in the media discussing financial topics of interest to our clients



Canadians raiding their savings to splurge, if they save at all: survey

Mar 3, 2015 Media Yahoo Finance

Andrew Seale, Yahoo Finance

Canadian’s fake-it-‘til-you-make-it financial approach doesn’t seem to be working out.

While 59 per cent of Canadians say they are dedicated to their savings plan, closer scrutiny shows otherwise with a third of Canadians regularly biting into their long-term savings for trips, cars or interior decorations, according to a survey by Tangerine bank.

“For most of us, money is a limited resource (but) despite that, many don’t look at their finances strategically – they spend in the moment,” says Cynthia Kett, a chartered professional accountant and financial planner at Stewart and Kett. “They should be asking themselves, ‘How shall I prioritize spending of my scarce dollars?’”

Kett sees it as a sort of dissociation between long-term goals and the day-to-day reality, which can be headache inducing.

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