TORONTO, June 22, 2011 /CNW/ - A new RBC poll shows that while more than half (57 per cent) of Canadians are keeping
a budget, almost 40 per cent say they are saving less than they did
last year (in 2010 only 27 per cent said they were saving less than the
previous year). Canadians with budgets are keeping track of their
expenses either by writing them down (45 per cent), by keeping track in
their minds (23 per cent) or by using a spreadsheet (23 per cent).
"Creating a budget you can reference on a daily or weekly basis can help
you manage your expenses and keep you on target to meet your goals",
said Maria Contreras, product manager, Savings Accounts at RBC. "A
savings plan is a lot like an exercise regimen: it can feel
overwhelming at first, but if you stick with it you'll see the benefits
and know it's worthwhile."
The top reported challenges associated with saving are:
being disciplined about saving (30 per cent)
setting up a program to pay yourself first (28 per cent)
determining how much they can afford to save each month (24 per cent).
"If you want to make great strides toward achieving a savings goal,
having a comprehensive budget that's easily accessible - one you can
take a good hard look at - is the best way to get started," said
Contreras. "RBC's new online financial management tool myFinanceTracker can help track and manage money in a simple and clear way."
Budgeting by age:
Canadians 25-34 years of age are the least likely (51 per cent) to
report keeping a budget.
Canadians 18-24 and 35-49 years of age are more likely to keep a budget
than the average Canadian at 61 and 64 per cent respectively.
Budgeting by region
Almost half of B.C. and Ontario residents are finding they are less able
to save (43 per cent and 42 per cent respectively), and are more likely
to report saving less than last year (compared to 32 per cent in the
Prairies, 34 per cent in Quebec and 37 per cent in Atlantic Canada).
The likelihood of keeping a budget varies across Canada as Quebecers (63
per cent) and Ontarians (61 per cent) are most likely to keep a budget,
whereas those in the Prairies are the least likely (47 per cent).
About RBC's financial advice and interactive tools
Whether Canadians 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, the RBC Advice Centre can help answer
their questions. Free interactive tools and calculators provide
customized information covering many facets of personal finance and
online advice videos are updated regularly to answer questions that are
top of mind with Canadians. With the guidance of RBC advisors who are
available to chat live, Canadians have access to free, no obligation
professional advice about RBC products and services and personalized
one-on-one banking advice. For more assistance, please visit www.rbcadvicecentre.com. In addition, all personal RBC online banking clients have access, at
no cost, to myFinance Tracker, RBC's new online financial management tool, that enables them to track
and manage their money in a simple and clear way.
Between May 13, 2011 and May 16, 2011, an online survey was administered
to a cross-section of the general population, obtained via TNS Canadian
Facts' Internet Panel. 1,175 interviews were completed among a sample
of adults 18 years of age in both English and French Canada. Data were
weighted to reflect the Canadian population.
SOURCE RBC Royal Bank
For further information:
Cyndi Maisonneuve, RBC, 416-974-1757
Elyse Lalonde, RBC, 416-974-8810