Canadians Are Saving Less: RBC Poll

TORONTO — 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.”

Fast Facts:

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 age:

* 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.