
- Stats: 4179 0 92
- Author: Money Bloggess
- Posted: February 9, 2018
- Category: RBC
Millennial money dilemma: They know what they want in life, but not always how to save for it – RBC Poll
As Millennials move into their 30s, they share many of the same life goals as previous generations of Canadians; where they differ is in the challenge they face in financing those goals, according to RBC’s annual Financial Independence in Retirement Poll.
Poll findings indicate several financial disconnects for Millennials aged 25-34. While almost half (48%) of these respondents cited home ownership as a top financial priority, just over one quarter (28%) reported putting money toward this goal in 2017.
Another disconnect appears in responses about saving for their future. While 46% of these Millennials included retirement savings as another top financial priority, only 38% actually put any money into retirement savings last year. In addition, half (50%) don’t have an RRSP. In fact, if they could only afford to contribute to either an RRSP or a TFSA, almost half (48%) opted for a TFSA, compared to less than one-third (30%) for an RRSP.

“TSFAs offer a great savings vehicle, but Millennials can’t overlook RRSPs, particularly as they move into their 30s,” noted Richa Hingorani, Senior Director, Digital Strategy, RBC Mutual Funds Distribution & RBC Financial Planning. “While retirement can seem so far away for these younger Canadians, we want them to know that time can work in their favour. By starting to invest even small amounts on a regular basis into an RRSP now, they can build their future savings through the magic of compounding within their RRSP, with growth through a combination of interest and potential dividends.”
On the flip side, Millennials surpassed one of their financial priorities for last year – saving to reduce/eliminate debt. While under half (47%) identified reducing debt as a priority, over half (51%) actually put money toward that priority.
“Millennials have their eye on the ball – they’re saving for immediate needs. We’d suggest it’s now time they look a bit farther down the road, to save for their future needs too,” explained Hingorani. “We’re here to connect with them however they wish – including through MyAdvisor, our new digital experience, which can help them build a personalized plan online, in just a few minutes.”
MyAdvisor offers clients a way they can connect at their own convenience with a live advisor – online, by live video, by phone or in one of our branches. Clients can also track the progress they are making toward achieving their financial goals, through an interactive dashboard.
“We know Millennials have very busy lives,” added Hingorani. “We want to help ensure their finances keep up with their lifestyle, today and in the future.”
About the RBC 2018 Financial Independence in Retirement Poll
These are a selection of findings of the 28th annual RBC RRSP Poll, conducted by Ipsos from November 9 to 16, 2017 on behalf of RBC Financial Planning, through a national survey of 2,000 Canadians aged 18+ who completed their surveys online. Where appropriate, attitudes and opinions are tracked back to previous years’ surveys. Quota sampling and weighting are employed to balance demographics to ensure that the sample’s composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±2.4 percentage points had all Canadian adults been polled. The credibility interval will be wider among subsets of the population, such as among Millennials aged 25-34 (± 5.9 percentage points). All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
About RBC’s MyAdvisor and financial planning advice
MyAdvisor provides a new digital experience for RBC clients by using an online advice platform to digitally connect a client to an advisor. MyAdvisor enables both the client and the advisor to view and adjust a dynamic dashboard showing the client’s savings and investment goals and to establish actions to achieve those goals – all in real time. MyAdvisor is a product of RBC’s Toronto-based innovation lab; other labs are located in the U.S., the U.K. and Europe. These innovation labs co-create new products and services based on direct input from RBC clients and employees.
RBC Financial Planning and rbc.com/savingsspot offer planning, budgeting and savings advice and resources and the RBC Retirement Planning website can help you plan for 30 years or more in retirement. In addition, for Canadians who 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, RBC Discover & Learn offers free online advice, resources and tools, including the RSP-Matic Savings Calculator.
SOURCE RBC Royal Bank
92 comments
Leave a Reply
You must be logged in to post a comment.
Sorry for my English.Great blog here! Also your site loads up fast! What host are you using? Can I get your affiliate link to your host? I wish my web site loaded up as quickly as yours lol.
up the great work! You realize, lots of people are looking round for
wow, awesome post.Thanks Again. Cool.
It as laborious to search out knowledgeable people on this matter, but you sound like you understand what you are speaking about! Thanks
Your style is so unique in comparison to other folks I ave read stuff from. Many thanks for posting when you ave got the opportunity, Guess I all just bookmark this blog.
I?ve recently started a blog, the information you offer on this web site has helped me tremendously. Thanks for all of your time & work.
It’s arduous to find knowledgeable folks on this topic, but you sound like you recognize what you’re talking about! Thanks
Im obliged for the post.Thanks Again. Fantastic.
WOW just what I was looking for. Came here by searching for ig
We are professional and loving caretakers to your pets.
You actually make it seem so easy with your presentation but I find this topic to be really something that I think I would never understand.
It seems too complex and extremely broad for me. I’m looking forward for your next
post, I will try to get the hang of it!
Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point.
You definitely know what youre talking about, why throw
away your intelligence on just posting videos
to your site when you could be giving us something enlightening to read?
Which one is the most effective whole home water filter?.
First of all I want to say fantastic blog!
I had a quick question in which I’d like to ask
if you don’t mind. I was interested to know how you center yourself and clear your head before writing.
I’ve had a tough time clearing my mind in getting my ideas out.
I do take pleasure in writing but it just seems like the first 10 to 15 minutes are usually wasted just trying to figure out how
to begin. Any ideas or hints? Appreciate it!
Whispering Misty So sorry you will pass up the workshop!
IaаАабТТаЂааАабТТаБТd ought to seek advice from you here. Which is not something I do! I love reading an article that could make individuals feel. Also, several thanks permitting me to comment!
These are only a few of the providers that we provide.
You have brought up a very great points , thanks for the post.
Inspiring story there. What happened after? Take care!
We didn’t find results for: stair builders.
modified by way of flipping armrests. With these ensembles, you could transform a few
Wow, amazing blog layout! How long have you been blogging for?
Heya! I just wanted to ask if you ever have any issues with hackers?
My last blog (wordpress) was hacked and I ended up losing many months of hard work due to no backup.
Do you have any methods to stop hackers?
This is very attention-grabbing, You’re an excessively
skilled blogger. I have joined your feed and look forward to looking for more of
your fantastic post. Also, I have shared your
web site in my social networks
I think other site proprietors should take this web site as an model, very clean and magnificent user friendly style and design, let alone the content. You are an expert in this topic!
Wow, marvelous blog layout! How lengthy have you ever been blogging for?
you make blogging glance easy. The whole look of your web site is fantastic,
let alone the content material!
Thanks on your marvelous posting! I truly enjoyed reading it, you are a great author.
I will make sure to bookmark your blog and will eventually come back very soon. I want to encourage
continue your great job, have a nice morning!
Asking questions are genuinely fastidious thing if you are not understanding anything completely, however this piece of writing gives fastidious understanding
yet.
Today, I went to the beach front with my kids. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to
her ear and screamed. There was a hermit crab inside and it pinched her ear.
She never wants to go back! LoL I know this is entirely off topic but I
had to tell someone!
Pep Boys Towing Service presents 24 hour assistance.
I love your blog.. very nice colors & theme.
Did you design this website yourself or did you hire someone to do it for you?
Plz answer back as I’m looking to construct my own blog and
would like to know where u got this from. kudos
Found this on yahoo and I’m happy I did. Well written site.
Hello friends, nice piece of writing and fastidious urging commented here,
I am in fact enjoying by these.
Tow Truck & Wrecker Towing Service Greenspoint TX.
Nice post. I learn something new and challenging on blogs I stumbleupon on a daily
basis. It will always be interesting to read through content from other writers and use a little
something from their web sites.
Hmm is anyone else having problems with the pictures on this
blog loading? I’m trying to find out if its a problem on my end or if it’s the blog.
Any responses would be greatly appreciated.
It as very straightforward to find out any matter on net as compared to textbooks, as I found this article at this site.
Really informative blog.Really thank you! Great.
You’re so interesting! I don’t believe I’ve read through
something like that before. So good to discover another person with genuine thoughts on this
topic. Really.. many thanks for starting this up.
This site is one thing that’s needed on the web, someone with some originality!
Thank You for this.
Your personal stuffs outstanding. At all times
Respect to website author , some wonderful entropy.
Hey, thanks for the blog post. Fantastic.
A round of applause for your article post.Thanks Again. Really Cool.
This does interest me
Thanks for sharing, this is a fantastic blog article.Thanks Again. Keep writing.
A big thank you for your article post.Much thanks again. Really Cool.
Omaha, NE canine walking and cat sitting.
Wow that was strange. I just wrote an really long
comment but after I clicked submit my comment didn’t
show up. Grrrr… well I’m not writing all that over again. Regardless, just wanted to say fantastic blog!
I really liked your article.Really looking forward to read more. Great.
Definitely believe that which you stated. Your favorite reason seemed to
be on the net the simplest factor to understand of. I say to you,
I certainly get irked even as other folks think about concerns that they plainly don’t know about.
You controlled to hit the nail upon the highest and also outlined out the whole thing with
no need side effect , folks could take a signal.
Will probably be back to get more. Thank you
We’re a group of volunteers and starting a new scheme in our community.
Your site provided us with useful info to work on. You’ve performed an impressive process and our
whole group will probably be thankful to you.
Im thankful for the blog article.Thanks Again.
Book the providers of a PSI pet sitter right now.
I really enjoy examining on this internet site , it has got great posts .
I am so grateful for your blog post. Really Great.
And it seems that blockchain has loads of different makes use of.
The Ledger Nano S is one example of a hardware pockets.
On the lookout for a Michigan carpet cleaning service?
Bitcoin and blockchain know-how usually are not the identical.
Gives entry to your entire Bitcoin blockchain.
Retail carpet cleaners don’t have sanitizing techniques.
Enter blockchain expertise. What’s blockchain?
In search of professional painters in Dubai?
Christina was our driver of the social gathering bus.
The cost of restoring water damage is $2,
700.
SelectQuote is America’s #1 Time period life gross sales
agency.
It may also be used for repairs on slab foundations.
Very good article post.Much thanks again. Really Cool.
Thank you for your blog article.Really looking forward to read more. Great.
Hello, bing lead me here, keep up good work.
That is why flatbed tow vans exist.
I think this is a real great article post.Thanks Again. Fantastic.
You got yourself a new follower.
We had a moist, stinky crawlspace that’s 18″ excessive.
Click here to study our bail bond providers.
Click here to learn about our bail bond services.
Prepare the floor area for waterproofing.
Furnace or air handler rattling ductwork.
A finished basement is a superb addition to any house.
We had a moist, smelly crawlspace that’s 18″ excessive.
A sump pump moves water out of your basement.
Clean mould or mildew from leather-based.
A sump pump moves water out of your basement.
These are all symptoms of foundation points needing repair.
You’ll want to clean the downspout strainers.
Very interesting points you have remarked, appreciate it for putting up.
Finished basement flooring have been carpeted.
Then seal the stain with floor end from the package.
Just wanna input on few general things, The website layout is perfect, the articles is very superb : D.
I enjoy your writing style truly loving this internet site.
It sure took a lot of research to make an article like this.