It’s Never Too Late to Start Saving Money

It is best if you can start saving early for your golden years because every little bit helps.

According to a national survey conducted for the Chartered Professional Accountants of Canada (CPA Canada), a significant number of respondents, aged 55 and older, find managing their personal finances a challenge.

The survey found that 50 percent of respondents appear to be meeting their monthly expenses with relative ease. However, one quarter of those surveyed are experiencing some level of difficulty.

Respondents also were asked to forecast their financial situation in 10 years. Twenty-two per cent expect it to improve, 38 percent anticipate it will be the same and 31 percent predict their personal situation will deteriorate.

Kelley Keehn, author of CPA Canada’s A Canadian’s Guide to Money-Smart Living, says the good news is that while there are obvious advantages to saving earlier, it is never too late to make financial gains.

With the expenses of child-rearing and the bulk of mortgages managed, Keehn says, “many individuals don’t really start to save aggressively until their 50s and older.”

With age, of course, comes wisdom.

Survey respondents were asked what they would have done differently to prepare for their later years. Saving more money was the top response cited by just under half (46 percent) of the participants. Respondents were provided several options relating to turning the clock back and the next two most common wishes were making better investments (40 percent) and taking better care of their health (37 percent).

www.newscanada.com

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