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Majority of Canadians failing to achieve savings goals

By The IJ Staff | February 28 2020 12:25PM

Photo: Freepik

Three quarters of Canadians worry about their savings and how to balance immediate financial priorities against long-term needs and more than half are taking a “whenever I can” approach rather than setting savings aside, according to the annual RBC Financial Independence in Retirement Poll released Feb. 26.

"Many who aren't saving enough don't yet have a financial plan," says Stuart Gray, director, financial planning centre of expertise, RBC. "The most important first step is to understand what your current finances will allow you to achieve. From there, a financial advisor can help you develop a plan to close any gaps and ease your concerns."

Over half of Canadians cite saving for retirement (56 per cent) and a rainy day (53 per cent) as their top financial priorities. However, what they manage to save falls well short of their goals. Less than half put money towards a rainy day fun (46 per cent) and retirement savings (43 per cent).

In addition, 40 per cent of Baby Boomers say they are worried they do not have enough money aside for their retirement. Forty per cent of Baby Boomers are also worried about the impact of inflation, and 36 per cent say they are worried by weakening markets and the impacts they could have on the value of their savings and investments.

 

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