RBC reveals Canadians' biggest financial worries and practical tips to help manage money with confidence
The 2024 RBC polls reveal Canadians' most pressing financial concerns, highlighting challenges in managing expenses, building financial habits, affording home ownership, and preventing fraud.
With RBC offering resources and tools, individuals can access support to improve financial literacy, track their expenses, and protect themselves from fraud.
According to RBC’s 2024 Financial Independence Poll, Canadians face significant worries about balancing immediate expenses with future savings.
77 percent report concerns over finding this balance, while 64 percent worry about cash flow and 48 percent feel increasingly anxious about their financial future.
In response, RBC has made available its My Money Matters online hub, a resource offering accessible financial advice.
Additionally, RBC clients can use MyAdvisor, a digital platform that connects 4.5 million Canadians to personalized financial plans, enabling real-time adjustments and consultations with advisors via video chat, online banking, or in person.
Canadians also struggle with establishing consistent financial habits. The 2024 RBC Financial Habits Poll found that 55 percent of respondents lack confidence in their financial decisions.
38 percent admit to not tracking their expenses and experience weekly stress over their finances, while 34 percent face difficulties in maintaining productive financial habits.
RBC’s NOMI Insights, integrated with RBC InvestEase, helps clients develop and stick to their savings and investment plans by sending timely notifications when spare cash is available.
NOMI Budgets assists users in tracking various expenses, from groceries to entertainment, while NOMI Forecast provides a seven-day view of upcoming payments to better manage cash flow.
Home ownership remains a significant concern for Canadians. RBC’s 2024 Home Ownership Poll highlights that 58 percent worry about managing home ownership costs, while 57 percent believe they would need a second job or side hustle to afford a home.
Additionally, 45 percent feel they must overhaul their spending and saving habits to consider home ownership. RBC offers resources for those starting their journey, recommending a First Home Savings Account (FHSA) as a tax-free saving and investing tool for first-time buyers.
Online resources are also available to guide Canadians through mortgage basics, affordability assessments, and pre-approval processes, with mortgage specialists available for consultation via website.
In the area of fraud prevention, RBC’s 2024 Fraud Prevention Month Poll reveals mounting anxieties about artificial intelligence (AI) in scams.
With 89 percent of Canadians concerned that AI could increase vulnerability to fraud, 88 percent believe scams will rise, and 81 percent fear that AI could make phone-based fraud harder to detect.
RBC advises setting up account alerts, enabling multi-factor authentication, and using the RBC Mobile App for secure banking.
Additional tips include minimizing the sharing of personal information on social media, keeping voicemail messages generic, and resisting pressure to respond to urgent requests for money or personal details, especially if the offer seems too enticing.
More fraud prevention advice can be found on RBC's How to Protect Yourself Online page.
