Crisis triggers frugality

Canadians win 2nd place for frugality among nine developed economies. So says a recent study from the ING Direct bank that compares current spending and saving habits in Canada, USA, Australia, Spain, France, Italy, Germany, Austria and the UK.

When it comes to cutting personal consumption and saving more, Canada trails only Austria, with 80% of Canadians declaring that they have changed their habits in the last year.

Some key findings from the ING Direct study:

• 56 % of Canadians are spending less on small luxury items.
• 50 % have made an effort to reduce their domestic energy use.
• 50 % are spending more time at home.
• 40 % report they have cut back or delayed renovation projects and big-ticket purchases like cars and houses.
• 44 % are bringing their lunch to work
• 40 % are using credits cards less.
• 33% expect the crisis to have an impact on their retirement.