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💵 Canadians Call Out Their Top Personal Finance Concerns. RBC Shares Advice, Tips And Resources


Friday, 08 November 2024 08:00.AM

Three of the top financial concerns among Canadians:

1. 77%: Concerned about balancing today's expenses versus building my savings
2. 64%: Worried about my cash flow
3. 48%: More anxious about my financial future
Source: RBC 2024 Financial Independence Poll

RBC advice: Anyone can freely access RBC's comprehensive My Money Matters online advice and resources hub. RBC clients can access MyAdvisor – a digital advice platform which has now connected 4.5 million Canadians to their personalized plan, with the ability to adjust those plans in real time and connect with an advisor via video chat, online banking or in person.

Three of the top financial habits challenges among Canadians:

1. 55%: Not always confident in my financial decisions
2. 38%: Not keeping track of my expenses; and stressing about my personal finances at least weekly
3. 34%: Can't seem to make good financial habits stick
Source: 2024 RBC Financial Habits Poll

RBC tip: NOMI Insights for RBC InvestEase helps clients start and stick to their savings and investing strategies with timely nudges when spare cash is available. NOMI Budgets sets and keeps track of a variety of expenses, from groceries to household to entertainment. And NOMI Forecast provides clients with a quick seven-day view into their future cashflow, showing upcoming preauthorized payments from any RBC deposit account. More information about all the NOMI capabilities is available at https://www.rbc.com/NOMI

Three of the top concerns about home ownership among Canadians:

1. 58%: Worried about covering the costs of home ownership
2. 57%: Would need a side hustle or second job to afford a home
3. 45%: Would need to overhaul my spending and saving habits to buy a home
Source: 2024 RBC Home Ownership Poll

RBC advice: We know it can take time to save for a home; taking advantage of the resources available can help. Opening up a First Home Savings Account (FHSA) can be a good start to saving and investing for your first home tax-free – more information is available on RBC's FHSA hub. And there are online resources to help you learn more about homeownership – including mortgage basics, understanding how much home you may be able to afford, the pre-approval process – and to connect with a mortgage specialist for a conversation, through https://www.rbcroyalbank.....

Three of the top fraud concerns among Canadians:

1. 89%: The use of artificial intelligence (AI) could make everyone more vulnerable to fraud
2. 88%: Scams will increase this year with the use of AI
3. 81%: AI will make fraud attempts by phone harder to detect; and I am concerned about voice cloning and impersonation scams
Source: RBC 2024 Fraud Prevention Month Poll

RBC tips: Keep your guard up – set up alerts on your accounts, enable multi-factor authentication whenever possible and use the RBC Mobile App as your primary banking tool. Avoid sharing personal information – be cautious about what you share on social media and keep your voicemail generic and short to deter robo-callers trying to capture your name or voice. Never feel pressured to respond – if you receive an urgent request from a seemingly official source asking you to move or send money and share your confidential information, stay calm and resist the temptation to act. Does the offer seem too good to be true? If so, it's likely a scam. More tips are posted on How to Protect Yourself Online.

SOURCE: RBC Royal Bank