The above headline isn’t by anyway a means an attempt to try and justify the lack of saving in the US, but to show that our neighbors up north are having their own money saving problems these days too. I found the following information on canadaeast.com:

The study found that people no longer prioritize saving money. Many Canadians, young Canadians in particular, will have to drastically increase the amount of money they save in the future. The danger is that people risk not having a financial buffer if tough economic times arrive…

Tal’s study notes that the Canadian personal savings rate is now in negative territory — its lowest level in 80 years. For the second quarter of 2005, the personal savings rate was -0.5. That means people are spending 0.5 per cent more than they’re earning.

Even the 45-65 age group, traditionally good savers, has been affected. In the early 1980s, the savings rate among Canadians in this group was 20 per cent. In 2003, it’s 3.6 per cent. At least 40 per cent of Canadian households have no financial savings outside their personal savings and chequing accounts…

hmmmm, sure sounds like something I’ve been reading in the US papers a lot lately.