Canadians struggle to put their money where their priorities
are: RBC poll
Twice as many boomers say homeownership is a financial priority
compared to a year ago
TORONTO, November 17, 2009 — Canadians say their
top three financial priorities are retirement savings (50
per cent), homeownership (47 per cent) and regular payments
to reduce or eliminate debt (41 per cent), but not everyone
puts their money where their priorities are, according to
the RBC Financial Priorities Poll.
Nearly half of Canadians with homeownership as a priority
(47 per cent) don't put money towards it. Four-in-ten of those
with retirement savings as a priority don't put money towards
this goal. Canadians were more successful with their debt
reduction, with eight-in-ten putting money toward this priority.
"We have so many complex and competing financial priorities
today that it's hard to stay focused," said Lee Anne
Davies, head, Retirement Strategies, RBC. "That's the
main driver behind half of Canadians saying they need financial
planning help."
Financial priorities have changed over the past year. More
than twice as many Canadian boomers (aged 55 and over) named
homeownership as a financial priority compared to a year
ago (44 per cent versus 20 per cent from the RBC RRSP Poll
conducted in October 2008). Among Canadians aged 35 to 54,
homeownership grew in importance, with 44 per cent stating
it as a financial priority, compared to 30 per cent in fall
2008.
"More boomers than you would think are struggling to
balance homeownership with retirement savings as financial
priorities," said Davies. "A financial advisor can
help ensure your plan addresses both priorities and considers
the additional financial obligations that come along with
owning a home."
Although money issues always accompany major life events
like job loss, retirement or marriage, many Canadians (58
per cent) find the emotional impact of these events to be
more significant than the financial impact.
"The cost of a major life event is important, but costs
are never as important as the actual experience," added
Davies. "I'm a big believer in the fact that financial
planning is much more than dollars and cents. It should reflect
your personal life and what you want to do to make your life,
and your family's lives, better."
About the RBC Financial Priorities Poll
The RBC Financial Priorities Poll was conducted by Ipsos Reid
from September 10 to 17, 2009. The online survey of 1,231
Canadians was conducted via the Ipsos I-Say Online Panel,
Ipsos Reid's national online panel. The results of this poll
are based on a sample where quota sampling and weighting are
employed to balance demographics and ensure that the sample's
composition reflects that of the actual Canadian population
according to Census data. With a representative sample of
this size, the results are considered accurate to within ±2.8
percentage points, 19 times out of 20.
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Media contacts:
Suzanne Willers, RBC, 416-974-2727
Matt Gierasimczuk, Media Relations, 416-974-2124
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