If you are a Canadian Index Investor you may be heavily exposed on Bank investments (or financial investments in general). You should look into this further, and figure out if you are comfortable being that invested in Financial Institutions.
Consumers rarely do anything unless they feel they get something out of it. I keep wondering what savings motivating system banks could put in place?
Canadians are notorious for loving rewards systems, where they can accumulate points for later purchases, maybe something like that? A points system that would pay more monthly, the more money you had in your savings account?
I think I am on to something here, if banks paid people these points that they could use to purchase things, that might motivate people to save more money.
What if this point system allowed you to swap points for money? Better still what if you didn’t accumulate points for having more savings, you accumulated money? Money that would be added to your account balance, and then the next month you might accumulate more money because of this added money?
This is possibly the greatest idea ever to motivate consumers to save money, isn’t it?
Read More »How to Motivate Savings
I got a very good comment from someone who calls themselves Anon Banker, about the Tied Selling Banking Regulations and how that should stop banks from forcing you to have a chequing account with them… Read More »Banking Regulations our Friend
Banking and saving fees is a constant battle for consumers, and ensuring you pay the least for your fees (if not zero), should be your goal.
It seems these days that if you get a debt vehicle with a bank , bank accounts and loans are tied together, and you must bank with the bank, to be redundant
