Many Canadians are more prepared for a stormy day than a financial emergency: RBC poll

Accessing digital, online and mobile banking and advice can help Canadians ensure sunnier skies in their financial future

TORONTO, Nov. 14, 2018 /CNW/ - Let's face it: Canadians are weather-obsessed. A majority of us (62 per cent) check the weather online or through an app daily, according to a recent RBC poll. We're a nation that wants to know when to pull out our umbrellas for stormy weather, but we aren't on top of 'rainy day' preparation when it comes to our personal finances.

As the RBC poll discovered, roughly half (44 per cent) of Canadians admit they are better prepared for weather-related events than a financial emergency. The poll also found that:

• One-third (35 per cent) follow extreme weather-related stories online or through social media daily, while only 19 per cent follow news about finance or business.
• While a large majority (88 per cent) think that checking their finances digitally is as easy as checking the weather, less than one third (30 per cent) check them out of habit.
• Of those who do not often check their finances, 43 per cent state they keep track of their finances in their head. Yet, most Canadians agree that banking apps are one of the most useful and valuable applications on their phone (63 per cent) – and a similar majority (60 per cent) feels the same about their weather apps.

"Staying digitally connected with your finances has the added benefit of prompting you to take action to build your financial future – much the same as a weather forecast predicting storm clouds prompts you to pull out an umbrella," explained Richa Hingorani, Senior Director, Digital Strategy, RBC. "While you don't need to check in on your finances each time you head out the door, knowing what lies ahead of you, and being able to plan for the future, is crucial."

Hingorani heads up MyAdvisor at RBC, which digitally connects clients with financial advisors in real time, where they can work together on an interactive dashboard that shows the impact that even a small amount of savings can have on future finances. "No matter what the season," Hingorani added, "remember there are experts who can help you weather any financial circumstances – and ensure there are sunny skies in your financial future!"

Tips to help weather any financial forecast

• Just like the weather, think of your finances as going through different seasons. For example, January and February is RRSP season and a good time to evaluate how you are tracking when it comes to your financial future. Spring and fall are busy home buying and selling times and ideal for checking in on how prepared your savings and investments are to carry the extra costs of a down payment. September is back to school season, an ideal time to start or review your RESP for a child's post-secondary education.
• Set up a good financial plan, digitally monitor your spending habits, cash flow and debts to help keep your finances on track – and give you some peace of mind.
• If you cannot pay down all of your debts at once, focus on the debt with the highest interest rate first. Once that's paid off, move on to the debt with the next highest rate.
• Create an emergency or rainy day fund to help manage unforeseen situations, such as unexpected costs or if your regular income takes a hit. A good rule is to try to save at least three months of income – and you can build this fund as money becomes available.
• Take advantage of digital personal finance tools, including:
• NOMI Insights – keeps you informed about your spending and saving habits;
• NOMI Find & Save – can help you find extra money you don't even know you have and automatically sets it aside for you; and
• MyAdvisor – digitally connects you with a financial advisor in real time, to review your financial goals and see the impact even a small amount of savings can have on your financial future.
• Get help from the experts. There are many free online tools and resources readily available to help you plan and keep track of finances, including RBC Financial Planning and RBC Discover & Learn.

About the 2018 RBC Financial Forecast Survey
The survey was conducted by Ipsos from August 31 to September 6, 2018 on behalf of RBC, through an online national survey of 2,002 Canadians aged 18+, including 1,707 who engage in online banking. The results are considered accurate to within ± 2.5 percentage points, 19 times out of 20.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 84,000+ employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 16 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com‎.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at www.rbc.com/community-sustainability.

SOURCE RBC

For further information: Media contact: Kathy Bevan ([email protected]), RBC Communications, 647-618-2287

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