TORONTO, Jan. 14, 2019 /CNW/ - Non-retired Canadians have
big numbers in mind for the money they'll need to save to ensure a
comfortable financial future – averaging as high as $1.07 million in B.C. – but almost half (48%)
don't yet have a financial plan to help them reach that goal,
according to the 2019 RBC Financial Independence in Retirement
Poll.
These poll respondents expressed varying degrees of confidence
about their ability to save enough to build their nest egg, with
45% feeling somewhat confident, 16% very confident and 39% having
no confidence they would ever reach their goal. Respondents also
have a number of actions they would be willing to take to help them
create their nest egg, including:
- Spend less on non-essentials (74%)
- Eat out less (59%)
- Postpone major purchases (45%)
- Cut back on travel (34%)
They also have a strong motivator to save: they want to be
debt-free (66%).
"Debt is a huge motivator for most Canadians – they're telling
us they don't want to live with debt now and they don't want to
retire with debt in future," noted Richa
Hingorani, Senior Director, Digital Strategy, RBC.
"Identifying actions to start taking today is an important first
step – and those actions can become much more effective if people
put a plan in place to help them reach their goal."
While the RBC poll found that the percentage of all Canadian
adults who have a financial plan has been growing – it reached over
half (54%) in 2018 – one-third (32%) of those report their plan is
'in my head' and almost half (46%) still have no plan at all.
"This is where new digital resources can be of great assistance,
where you can easily see – in real time, from the comfort of your
home – how having a plan can have an immediate impact on your
savings goal," added Hingorani. "You don't need a big plan in order
to have a big savings and investing goal – but you do need to be
able to track your progress. By activating your personal plan,
supported by advice you can easily access online whenever you wish,
you can make a real difference to your financial future."
An easy way to activate a plan is now available through
MyAdvisor, an 'in real time' personalized planning solution unique
to RBC. This new service digitally connects a client – from
wherever the client prefers to be – with one of RBC's more than
8,000 advisors and Financial Planners across Canada. Through this connection, the client
and the advisor or Financial Planner can jointly view and adjust an
online dashboard that displays an interactive picture of the
client's finances. The dynamic visual elements make it very easy
for clients to see how even very small actions – such as increasing
monthly contributions to savings and investments or reducing debt –
can have a big impact on their financial goals, including their
projected retirement date.
REGIONAL COMPARISONS – NON-RETIRED CANADIANS
|
RESPONSES
|
NAT'L
|
BC
|
AB
|
SK/
MB
|
ON
|
QC
|
AC
|
M*
|
F*
|
---IN
DOLLARS---
Nest egg amount to
ensure comfortable financial future
|
787K
|
1.07M
|
916K
|
907K
|
872K
|
427K
|
774K
|
942K
|
650K
|
Top motivators to
build nest egg for financial future:
•
Being debt free
|
|
|
|
|
|
|
|
|
|
66%
|
69%
|
66%
|
67%
|
60%
|
70%
|
74%
|
64%
|
67%
|
•
Having things to make my life more comfortable
|
47%
|
48%
|
52%
|
58%
|
49%
|
37%
|
46%
|
48%
|
46%
|
•
Having money to take part in experiences I want
|
39%
|
31%
|
41%
|
38%
|
39%
|
41%
|
42%
|
36%
|
41%
|
•
Having money to travel where I want
|
36%
|
42%
|
44%
|
38%
|
34%
|
32%
|
29%
|
34%
|
37%
|
Actions to save
for nest egg:
•
Spend less on non-essentials
|
|
|
|
|
|
|
|
|
|
74%
|
75%
|
77%
|
80%
|
74%
|
72%
|
64%
|
71%
|
76%
|
• Eat
out less
|
59%
|
62%
|
62%
|
64%
|
62%
|
53%
|
53%
|
58%
|
61%
|
•
Postpone major purchases
|
45%
|
52%
|
54%
|
55%
|
45%
|
33%
|
51%
|
45%
|
45%
|
•
Cut back on travel
|
34%
|
37%
|
43%
|
44%
|
34%
|
25%
|
34%
|
33%
|
35%
|
Level of
confidence I'll reach my nest egg goal:
|
|
|
|
|
|
|
|
|
|
•
Very confident
|
16%
|
16%
|
14%
|
12%
|
19%
|
14%
|
14%
|
21%
|
11%
|
•
Somewhat confident
|
45%
|
33%
|
41%
|
40%
|
50%
|
47%
|
39%
|
44%
|
45%
|
•
I'll never build my nest egg up enough
|
39%
|
51%
|
45%
|
47%
|
32%
|
39%
|
47%
|
34%
|
43%
|
* M, F =
Male, Female for all statistic charts
|
REGIONAL COMPARISONS – ALL CANADIANS AGED 18+
|
RESPONSES
|
NAT'L
|
BC
|
AB
|
SK/
MB
|
ON
|
QC
|
AC
|
M
|
F
|
Have a financial
plan…
|
54%
|
57%
|
54%
|
63%
|
57%
|
47%
|
46%
|
55%
|
53%
|
|
|
|
|
|
|
|
|
|
|
…my plan is
in my head
|
32%
|
32%
|
35%
|
27%
|
30%
|
34%
|
37%
|
32%
|
32%
|
No financial plan
at all
|
46%
|
43%
|
46%
|
37%
|
43%
|
53%
|
54%
|
45%
|
47%
|
About the 2019 RBC Financial Independence in Retirement
Poll
These are a selection of findings of the
29th annual RBC RRSP Poll, conducted by Ipsos from
November 20 to 26, 2018 on behalf of
RBC Financial Planning, through a national survey of 2,000
Canadians aged 18+ who completed their surveys online. Where
appropriate, attitudes and opinions are tracked back to previous
years' surveys. Quota sampling and
weighting are employed to balance demographics to ensure
that the sample's composition reflects that of the adult population
according to Census data and to provide results intended to
approximate the sample universe. The precision of Ipsos online
polls is measured using a credibility interval. In this case, the
poll is accurate to within ±2.2 percentage points had all Canadian
adults been polled. The credibility interval will be wider among
subsets of the population, such as among Millennials aged 25-34
(±5.2 percentage points). All sample surveys and polls may be
subject to other sources of error, including, but not limited to
coverage error, and measurement error.
About RBC's MyAdvisor and financial planning
advice
MyAdvisor is a new online service unique
to RBC that digitally connects clients to advisors – including
Financial Planners – providing an "in real time" opportunity for
the client and the advisor to view and adjust an interactive
dashboard displaying the client's savings and investment goals and
to establish actions to achieve those goals. The RBC advisors
behind MyAdvisor are ready to meet with clients via live video,
phone or in person – whichever clients prefer when they book their
appointments, all at no extra cost. Clients also receive
personalized updates and alerts to track their progress against
goals and see the impact of market volatility and other changes on
their portfolio. MyAdvisor shows clients how the decisions and
actions they take today can help them save, plan and invest to meet
their goals in a way that works for them. MyAdvisor is a product of
RBC's Toronto-based innovation
lab; other labs are located in the U.S., the U.K. and Europe. These innovation labs co-create new
products and services based on direct input from RBC clients and
employees.
RBC Financial Planning and rbc.com/savingsspot
offer planning, budgeting and savings advice and resources and the
RBC Retirement Planning website can help you plan for
30 years or more in retirement. In addition, for Canadians who want
to get more from their day-to-day banking, protect what's
important, save and invest, borrow with confidence or take care of
their businesses, RBC Discover & Learn offers free
online advice, resources and tools, including the RSP-Matic
Savings Calculator.
SOURCE RBC