The recession has prompted Canadians to make greater efforts to spend less and save more, a recent study commissioned by ING Direct has found.

Of more than 1,000 Canadians polled in the study, 77% said they continued to save at the same pace or more than they have been over the past six months.

Results of the same survey in eight other countries revealed that Canadians have been more likely to boost their savings than their international counterparts. Austria was the only country with a higher percentage of respondents who had maintained or increased their savings, at 78%. This compares with 72% of respondents in the U.S., 65% in Britain, and 59% in Italy.

“Despite the economic recession worldwide, Canadians have remained more optimistic about their finances than people in other countries and they’ve taken charge of their own economic well-being,” said Peter Aceto, president and CEO of ING Direct Canada. “The majority of Canadians have continued to save their money, building a cushion for themselves and their families.”

Four out of five Canadians are also doing things differently to save money by spending less, according to the survey. More than half of respondents said they were cutting unnecessary or small luxury items, 50% were saving energy by using less electricity, and 50% said they were spending more time at home. In addition, 40% said they had cut back or delayed spending on bigger-ticket items such as new vehicles, homes or home renovations.

Other ways Canadians are cutting back include cooking at home and taking lunch to work, as well as avoiding credit card purchases and travelling less.

The top reason to save, according to the Canadian respondents, was to create a buffer or cushion. Canadians also cited uncertainty about the future and saving for retirement.

Despite growing optimism in the Bank of Canada’s latest economic forecast, which predicts the recession is now ending in Canada, the survey reveals that North Americans are more concerned about the impact of the recession on their retirement plans than respondents in other countries. Almost 30% of Canadian respondents said they are concerned that the recession has already taken a toll on their retirement plans.

Of those Canadians who feel the recession will affect their plans, one third expect that they will need to work an additional 10 years or more than they had planned before they can retire, compared with just 19% of global respondents.