Building a nest egg not a top priority for many Canadians
Growing up, our grandparents and parents always stressed the importance of building that all-important nest egg to have a little something for a rainy day.
However, that doesn't seem to be the case today.
And 29 per cent admit they do not have any wealth, and only three in ten Canadians believe that wealth accumulation is important.
It appears money isn't everything.
The report also found that 42 per cent of households are happy with the wealth they have, yet over half admit they last calculated their household finances a year or more ago, never or they could not recall.
The two top reasons cited for not being able to accumulate wealth are income level and the need to honour other important financial obligations.
Anthony Ariganello, president and CEO of CGA-Canada, says, "While many Canadians appear satisfied with how much wealth they have, they can't necessarily put a dollar value on it.
"They therefore may overlook the need to make adjustments to their savings, borrowing and investing behaviours."
The Canadians who are building wealth (80 per cent) say they may need to dip into part of it within the next few years. The report found that when additional funds become available, Canadians may be more likely to use the funds for consumption rather than wealth accumulation.
I guess it's best not to put all your eggs in one basket.
By Donna Donaldson, MSN Money
Do you think it is important to build a nest egg? What are the barriers, if any, to building wealth in your household?