Poll: Why are you currently saving money?

85% of British Columbians feel they have not saved enough for retirement. And amid rising inflation and rising cost of living, 68% are eager to spend their savings

A new Royal Bank poll reveals that 85% of British Columbians believe they have not saved enough for retirement. And 33% expect to outlive their savings for 10 years or more.

Meanwhile, inflation shows no signs of slowing, rising to an annual rate of 6.7% in March – a high not seen since January 1991, when the GST was introduced.

Gasoline leads with a 38.8% jump in March from a year ago and an 11.8% jump from February.

Inflation is also hitting Canadians hard on the grocery aisle with prices up sharply from March 2021: pasta +17.8%; butter +16%; cheese +10.4%; eggs and dairy products; +8.5%; and milk, +7.7%.

Amid rising inflation and rising costs of living, the RBC survey also found that 68% of pre-retirees in British Columbia are anxious about spending their retirement savings.

Only 16% of respondents said they had spoken with a financial planner (the lowest nationally) to create a retirement plan. Almost a quarter of respondents (22%) said their plan was “in their head”.

British Columbians are significantly more anxious than the rest of the country (55%), possibly due to high housing and rental costs. They are also less likely to have a financial plan of any kind (43% vs. 50%).

Women are more likely to think they haven’t saved enough (85% vs. 82% nationally) and more expect to outlive their money (35%) – which doesn’t is not surprising since women generally live longer.

What are you currently saving for? Is retirement on the horizon? Or are you falling short and saving for more immediate priorities, like starting a family or buying your first home? Add your vote to our poll below.

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