Contrary to the opinion that Canadians are no longer savers, a new research study released today by ING Direct reveals that good, old fashioned savings habits are alive and well in Canada.

The research, conducted online by Ipsos-Reid, surveyed 1,582 Canadians with a bank account at a financial institution.

When asked to classify themselves as either a spender or saver, 55% of Canadians said they were spenders, versus 46% who said they were savers.

However, in digging a little deeper into Canadian savings habits it was revealed that even spenders save regularly: 55% of Canadians said they save regularly while many practice the most common sense approach to saving, “paying yourself first”. Thirty-eight per cent indicated they use some form of automatic plan to save their money.

Canadian’s healthy savings habits were nurtured in childhood. Fifty-six per cent of Canadians said they were raised in a family that encouraged saving versus spending (10%). Of those that were raised to be savers, more than half (54%) feel they are still good savers today, versus less than a third (31%) who were brought up in homes where spending was more prevalent.

The research also revealed that 57% of respondents opened their first savings account before they reached their 15th birthday. And, 43% indicated their mothers or fathers were most influential in teaching them about saving money.

The survey also reveals that not all Canadians are taking advantage of some very practical ways to save. For example, only 72% have a savings account. Furthermore, of those that do have a savings account, 48% do not have one that pays a high-interest rate of 3% or more. In fact 32% said they save using a chequing account. Another 61% of Canadians feel that they pay more in service charges than they receive in interest.

The survey also revealed what Canadians are saving for. For example, 58% indicated that they were saving for retirement followed by travel (38%), a vehicle (25%) and a house/condo (24%).