School spending

The average Canadian family will spend $362 on classroom essentials this year, 13% more than last year.

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  • A new BMO survey suggests Canadians will spend 13% more on back-to-school essentials this year averaging  $362 per family.
  • Pay raises may add some additional wiggle room for families on a tight budget. Canadian employees can expect salary increases to average 2.9% in 2013, Hay Group says. Mining, oil and gas, and chemicals workers will likely be the biggest winners though projected increases in all sectors are still lower than before the recession.
  • Most 50-somethings in Canada plan to work in retirement to offset low savings, according to a new poll for CIBC. Residents in Quebec were least likely to say they’d be working well into their 60s.
  • Bank of Canada Governor Mark Carney has apologized for the ‘Asian’ banknote controversy we first mentioned last week.
  • Special congratulations to the Brandes Scholarship Program winners. All 10 students will receive $1,000 to put towards financial learning at a post-secondary institution.

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