A majority of Canadians are attempting to boost their savings as they deal with the economic downturn, according to a recent survey from BMO Financial Group.

The BMO Savings Monitor Survey, which gauged the opinions of Canadians on the global financial crisis and its impact on their saving and investing strategies, found that 57% of Canadians are looking at ways to improve their savings in case of a sudden change in circumstances.

Of the 1,508 adults polled in January, one-in-five said they plan to cut back on both large and small purchases, and 17% will cancel or delay travel plans.

One-third of Canadians plan to cut back their RRSP contribution, while one-quarter will not contribute to their RRSP this year.

“We applaud Canadians who are responding to the economic downturn by reconsidering their spending and savings habits,” said Linda Knight, president and chief operating officer of BMO Mutual Funds. “We also strongly encourage Canadians to continue making RRSP contributions so that they aren’t trading their long term financial future in the short term.”

The survey reveals Canadians have varying views on the global financial crisis and economic downturn. If the economy suddenly took a turn for the better, 43% indicate that they would start to spend normally again, secure in the fact that the downward cycle was coming to a close.

Nearly three quarters of respondents said they would embrace the lessons of the last six months by saving more and being more financially aware.

One-fifth of respondents feel confident that the economy will recover in the next few months.