RBC poll reveals a gap between Canadians' confidence in financial habits and their actual practices
According to RBC's Financial Habits Poll, there is a paradox in how Canadians perceive their financial habits.
Although one in four respondents (75 percent) believe they have good financial habits, and 62 percent rate their habits as above average compared to friends and family, the data reveals a different reality.
Over the past year, more than a third of respondents admitted to not setting financial goals (38 percent), not spending time on financial planning (37 percent), and failing to monitor expenses (34 percent). These essential habits are critical to maintaining financial wellbeing.
Additionally, more than one in five respondents (21 percent) confessed to ignoring money issues when they arise, indicating a disconnect between their perceived confidence and actual financial behaviours.
“There is a concerning gap between perceived confidence and actions when it comes to Canadians' financial habits,” stated Peter Tilton, chief digital officer, Personal and Commercial Banking at RBC. “RBC is committed to helping our clients close that gap and improve their financial wellbeing.”
The poll also found that Canadians are aware of the benefits of good financial habits, with 81 percent acknowledging their positive impact on overall wellbeing.
However, many face challenges in making these habits a consistent part of their lives. Two in five respondents (39 percent) cited a lack of time as a barrier to cultivating good financial habits, while one-third (34 percent) admitted they struggle to maintain these habits.
In fact, 12 percent of respondents reported they never dedicate time to building good financial routines, and nearly half (48 percent) only do so once a month or less.
Despite these challenges, 76 percent of Canadians recognize that good financial habits have helped them remain resilient during times of economic uncertainty. These findings highlight the importance of ongoing efforts to support Canadians in developing and sticking to beneficial financial practices.
“Setting financial goals and adopting good financial habits may seem challenging, but it doesn’t have to be done alone,” said Tilton.
He said that with tools like RBC’s NOMI, clients can automate savings, track budgets, and forecast cashflow. “It empowers clients with insights and easy ways to incorporate good financial habits everyday, which can make them feel better and more confident in managing their money.”
The poll also revealed that 55 percent of respondents are not always confident in their financial decisions, and 38 percent experience weekly stress about finances, with 9 percent feeling this stress multiple times a day.
RBC’s NOMI, a suite of artificial intelligence capabilities, helps alleviate these concerns by providing personalized insights to help clients manage their finances with confidence.
“NOMI has been enormously successful in tailoring client experiences within the RBC Mobile app,” added Tilton.
“All the data-driven insights generated are hyper-personalized to our client's individual finances. The intent is to help them manage their everyday finances by removing the friction associated with making good financial routines stick.”
