More than half are now taking a “whenever I can” approach instead of regularly setting aside savings
RBC poll reveals that 74% of Canadians keep on worrying about their savings, thinking of how to balance immediate financial priorities against long-term needs.
Along with that, 56% of Canadians cite saving for retirement and 53% for a rainy day as their top financial priorities. In fact, less than half of respondents who identified these priorities actually put any savings toward them over the past year. However, only 46% contributing to a rainy day fund and 43% putting money aside for retirement.
The poll unveils that 40% of Boomers aged 55+ worrying they haven’t saved enough money for their retirement years. Besides, 40% of them also have concerns about the impact of inflation, whereas 36% of Boomers think market weakening could have on the value of their savings and investments.
In fact, almost half (46%) of Boomers surveyed don’t have a financial plan in place, which could help them save and invest for their retirement years.