The challenge of tending to current financial matters versus saving for the future has been eating away at the majority of Canadians, according to recent research.
An Ipsos poll, conducted on behalf of RBC, found that 74 per cent of respondents shared this worry, admitting that they are struggling with money matters.
For instance, 56 per cent of Canadians said they have a goal of saving for retirement, but only 43 per cent had enough money to do so in the last year. The survey found that most Canadians took an ad-hoc approach to savings, with 53 per cent putting away cash whenever possible, as opposed to a regularly occurring basis.
This has been especially a concern for boomers, aged 55 and over, creeping closer to retirement. As many as 40 per cent believe they haven’t saved enough, but also believe that inflation (40 per cent) and the weakening of stock market (36 per cent) has been an issue for their savings and investments.
More immediate goals, like paying down debt, were a priority for 40 per cent of respondents. Forty- two per cent stated that they had made an effort to address payments in the last year.
Despite concerns and statistics that show the majority of respondents are falling behind on their financial goals, just over half (51 per cent) confessed to not having a plan.
Canadians taking concrete steps to address their goals did say that they felt organized (43 per cent), optimistic (38 per cent), confident (35 per cent) and reassured (33 percent), demonstrating that at least some worries could be solved with a little preparation.