RBC surveys show financial stress rising as Canadians balance expenses, and fraud concerns
The latest RBC polls reveal Canadians' key financial concerns, struggles with homeownership affordability, and rising fraud risks as artificial intelligence (AI) becomes more widespread.
These insights offer a comprehensive look at the financial stressors facing Canadians and highlight resources available to help manage them.
In the RBC 2024 Financial Independence Poll, Canadians identified their top financial worries, with 77 percent concerned about balancing current expenses against building savings.
Cash flow worries follow closely, with 64 percent feeling pressure in this area, while 48 percent report anxiety over their financial futures.
To support Canadians in addressing these issues, RBC offers the My Money Matters online advice hub, accessible to everyone. RBC clients can also use MyAdvisor, a digital platform that has helped 4.5 million Canadians access personalized financial plans that are adaptable in real time.
Clients can connect with advisors through video chat, online banking, or in person.
According to the 2024 RBC Financial Habits Poll, Canadians face various challenges in maintaining financial habits. About 55 percent of respondents lack confidence in their financial decisions.
Another 38 percent admit they don’t consistently track expenses and feel weekly stress about personal finances, while 34 percent struggle to build lasting good financial habits.
For those seeking assistance, RBC offers tools through NOMI Insights and RBC InvestEase. These features provide nudges to start and maintain saving and investment strategies whenever extra funds become available.
The NOMI Budgets feature helps clients track diverse expenses, such as groceries and household items, while NOMI Forecast gives a seven-day view of future cash flow, covering upcoming payments from any RBC deposit account.
The 2024 RBC Home Ownership Poll highlights the affordability concerns Canadians face with homeownership.
According to the poll, 58 percent worry about managing the costs associated with owning a home. Furthermore, 57 percent say they would need a side hustle or second job to afford a home, while 45 percent feel they would need to overhaul their saving and spending habits to make a purchase feasible.
RBC suggests that those aspiring to buy a home consider opening a First Home Savings Account (FHSA), which allows for tax-free savings towards a first home.
RBC also provides online resources on homeownership basics, mortgage affordability, the pre-approval process, and options to connect with a mortgage specialist, available through the RBC Home Ownership hub.
Fraud risk is a significant concern for Canadians, especially with AI becoming more sophisticated. Findings from the RBC 2024 Fraud Prevention Month Poll reveal that 89 percent of Canadians believe AI increases vulnerability to fraud.
A close 88 percent anticipate a rise in scams as AI becomes more integrated into digital interactions, while 81 percent express concerns about AI-enabled impersonation scams, especially those involving voice cloning.
To help Canadians protect themselves, RBC advises setting up alerts on all accounts, enabling multi-factor authentication, and using the RBC Mobile App as a primary tool for banking.
RBC also recommends caution on social media and avoiding sharing personal information to deter scammers. Canadians should also be wary of unsolicited offers that seem too good to be true.
Additional tips on fraud prevention are available on RBC’s How to Protect Yourself Online page.
