Media Advisory - Making Other Plans - 2013 Edition

RBC Financial Planning Tips and Facts for National Financial Planning Week

TORONTO, Nov. 20, 2013 /CNW/ -

WHICH… are the top 5 concerns Canadians have about their finances?

1. How can I save AND pay down my debt?
2. Can I afford the lifestyle I want in retirement?
3. When will I be able to retire?
4. How can I save on taxes to grow my net worth faster?
5. Should I pay down my mortgage or contribute to my RRSP or my TFSA?

WHAT… are the top 5 tips RBC Financial planning recommends to help Canadians deal with their financial concerns?

1. Pay yourself first - a simple but very effective lifelong approach.
2. Have a plan - and print it out, so you can review it with an accredited Financial Planner to explore the best ways to make your plan work for you.
3. Reduce your most expensive debts as much and as quickly as you can.
4. Learn about tax-saving options - RRSPs, TFSAs, RESPs, RDSPs.
5. Make regular contributions to the tax-savings options that are best for you.

HOW… do Canadians feel about their finances?

• One-half (50 per cent) of Canadians have a financial plan; of those with a plan, 66 per cent report they are better off because of their plan.
• In 2014, almost one-third (30 per cent) of Canadians intend to focus on reducing their debts; 28 per cent intend to spend less; 22 per cent intend to save or invest more; and 20 per cent intend to take all three actions.
• Over one-quarter (29 per cent) of Canadians are confident they are managing their debts well; 19 per cent feel they are just keeping their heads above water.
• This upcoming holiday season, over one-third (36 per cent) of Canadians plan to finance their holiday spending with cash; 31 per cent plan to use credit card; 18 per cent plan to use debit cards; 12 per cent aren't sure how they will finance their holiday expenses; two per cent intend to use their year-end bonuses.

WHO… can media talk to about financial planning advice for Canadians?

• Richa Hingorani, senior manager, Financial Planning Support, RBC Financial Planning

WHERE… can media find more information?

Please contact: Kathy Bevan, RBC Communications, [email protected], 416 974-8820

SOURCE: RBC

Kathy Bevan, RBC Communications, [email protected], 416 974-8820