Many Canadians Struggling to Put Their Money
Where Their Mouth Is

Toronto, ON - The most frequently-cited financial priorities for Canadians include retirement savings (50%), home ownership (47%) and regular payments to reduce or eliminate debt (41%). But according to an Ipsos Reid poll conducted on behalf of RBC, many Canadians with these financial priorities are not putting their money where their mouth is.

Among those who have home ownership as a priority, one half (47%) did not put money towards that goal. Similarly, four in ten (39%) of those with retirement savings as a priority did not put any money towards achieving their goal, while 22% of those with regular payments to reduce or eliminate debt as a financial priority did not put any money towards it.

Perhaps as a result of coming up short on their goals in many cases, fully one half (51%) `agree' (15% strongly/36% somewhat) that they need help in developing a financial plan to achieve their financial goals.

In the last year, many more Canadians have placed a priority on home ownership. For example, more than twice as many Canadians aged 55 and older (44%) than a year ago (20%) named home ownership as a financial priority. Similarly, among middle-aged Canadians aged 35 to 54, 44% said that home ownership is a priority, compared to just 30% last year.

Major life events, such as a wedding, a retirement, or even a job loss, can often place a strain on one's finances or even derail a financial goal. But a majority (58%) `agrees' (24% strongly/34% somewhat) that the emotional challenges of the life events that they have experienced over the past twelve months are a bigger burden than the financial challenges themselves.

These are some of the findings of an Ipsos Reid poll conducted between September 10 and 17, 2009, on behalf of RBC. For this survey, a national sample of 1,231 adults from Ipsos' Canadian online panel was interviewed online. Weighting was then employed to balance demographics and 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. A survey with an unweighted probability sample of this size and a 100% response rate would have an estimated margin of error of +/-2.8 percentage points 19 times out of 20 of what the results would have been had the entire population of adults in Canada been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.

For more information on this news release, please contact:
Sean Simpson
Research Manager
Ipsos Reid
Public Affairs
(416) 572-4474
[email protected]

About Ipsos Reid
Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.

To learn more, please visit www.ipsos.ca.

About Ipsos

Ipsos is a leading global survey-based market research company, owned and managed by research professionals. Ipsos helps interpret, simulate, and anticipate the needs and responses of consumers, customers, and citizens around the world.

Member companies assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media. They measure public opinion around the globe.

Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting, modeling, and consulting. Ipsos has a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999.

In 2008, Ipsos generated global revenues of e979.3 million ($1.34 billion U.S.).

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