More than half (54%) of Canadians are making saving for the long term, including retirement, their primary financial priority, according to a new survey.
The RBC Financial Independent in Retirement poll also found that saving for a rainy day ranked second at 46% and regular payments to reduce or eliminate debt ranked at 42%.
According to RBC, the trio of financial priorities matches the concern expressed by 75% of respondents: how to balance saving for today versus putting away money for tomorrow.
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Two of the age groups most concerned about finding this balance are those aged 18-29 (86%) and 40-49 (79%). These age groups are also the most likely not to have a financial plan (61% and 59%, respectively, compared to the Canadian average of 51%.
The survey also found that 31% of respondents are not saving for retirement, up slightly from the 30% who said the same in 2015. Of those saving for retirement, 50% use automatic savings plans and 39% save “whenever I can.”
“Our consumer research tells us there’s a direct link between having a financial plan and feeling more comfortable about your future – a plan can be a big stress-reliever at any age and helps you focus on what’s truly important to you,” said Richa Hingorani, senior manager, financial planning support at RBC.
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