B.C. residents call out their top personal finance concerns. RBC shares advice, tips and resources.

Media Advisory – Financial Literacy Month

VANCOUVER, BC, Nov. 4, 2024 /CNW/ -

Three of the top financial concerns among B.C. residents:

1.  65%: Concerned about balancing today's expenses versus building my savings
2.  58%: Worried about my cash flow
3.  48%: More anxious about my financial future
Source: RBC 2024 Financial Independence Poll

RBC advice: Anyone can freely access RBC's comprehensive My Money Matters online advice and resources hub. RBC clients can access MyAdvisor – a digital advice platform which has now connected 4.5 million Canadians to their personalized plan, with the ability to adjust those plans in real time and connect with an advisor via video chat, online banking or in person.

Three of the top financial habits challenges among B.C residents:

1.  49%: Not always confident in my financial decisions
2.  36%: Not keeping track of my expenses; and not setting financial goals for the short or long term
3.  35%: Stressing about my personal finances at least weekly
Source: 2024 RBC Financial Habits Poll

RBC tip: NOMI Insights for RBC InvestEase helps clients start and stick to their savings and investing strategies with timely nudges when spare cash is available. NOMI Budgets sets and keeps track of a variety of expenses, from groceries to household to entertainment. And NOMI Forecast provides clients with a quick seven-day view into their future cashflow, showing upcoming preauthorized payments from any RBC deposit account. More information about all the NOMI capabilities is available at www.rbc.com/NOMI.

Three of the top concerns about home ownership among B.C. residents:

1.  62%: Would need a side hustle or second job to afford a home
2.  60%: Worried about covering the costs of home ownership
3.  52%: Would need to overhaul my spending and saving habits to buy a home
Source: 2024 RBC Home Ownership Poll

RBC advice: We know it can take time to save for a home; taking advantage of the resources available can help. Opening up a First Home Savings Account (FHSA) can be a good start to saving and investing for your first home tax-free – more information is available on RBC's FHSA hub. And there are online resources to help you learn more about homeownership – including mortgage basics, understanding how much home you may be able to afford, the pre-approval process – and to connect with a mortgage specialist for a conversation, through rbcroyalbank.com/mortgages/home-ownership.html.

Three of the top fraud concerns among B.C. residents:

1.  88%: The use of artificial intelligence (AI) could make everyone more vulnerable to fraud
2.  87%: Scams will increase this year with the use of AI
3.  82%: AI will make fraud attempts by phone harder to detect
Source: RBC 2024 Fraud Prevention Month Poll

RBC tips: Keep your guard up – set up alerts on your accounts, enable multi-factor authentication whenever possible and use the RBC Mobile App as your primary banking tool. Avoid sharing personal information – be cautious about what you share on social media and keep your voicemail generic and short to deter robo-callers trying to capture your name or voice. Never feel pressured to respond – if you receive an urgent request from a seemingly official source asking you to move or send money and share your confidential information, stay calm and resist the temptation to act. Does the offer seem too good to be true? If so, it's likely a scam. More tips are posted on How to Protect Yourself Online.

About RBC

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 100,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 18 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.

Media contact for more information:
Kathy Bevan, RBC Corporate Communications, 647-618-2287, kathy.bevan@rbc.com

SOURCE RBC Royal Bank