Albertans Will Save The Most In 2013, Says BMO

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Residents in Alberta are expected to be the ones who will make the biggest contributions to their savings in 2013. (Alamy)
Residents in Alberta are expected to be the ones who will make the biggest contributions to their savings in 2013. (Alamy)

Albertans aim to save more than Canadians in all other regions in 2013, according to a BMO survey released Monday.

Alberta residents expect to save, on average, $18,035 in 2013, almost doubling the national average of $9,859, states the BMO Household Savings Report.

The report states that although as a whole, Canadians expect to save $600 more in 2013 than they did in 2012, the amount that Albertans are positioning themselves to save far surpasses B.C., the next closest region. Residents of B.C. say they plan to save $11,109 in 2013.

"It's encouraging to see Canadians are planning to maintain or increase their personal savings this year, particularly as we look to balance increasing debt loads and turn around decreasing rates of savings," said Ernie Johannson, Senior Vice President, Personal Banking, BMO Bank of Montreal.

"While it's important to pay down debt - particularly high-interest debt - it's essential that households build themselves a financial cushion as well, whether it be for retirement or other goals."

HOW DO REGIONS COMPARE IN TERMS OF SAVINGS PLANNING?

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Vacations, luxury items, entertainment and hobbies topped the list of reasons for Canadians' savings strategies this year, states the report.

"It is sometimes difficult to balance financial priorities and responsibilities with spending on items and experiences we enjoy," said Johannson.

"However, given the economic realities, it is key that we don't let the nice-to-dos overshadow our must-dos."

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Albertans saving more money this year than rest of Canada