Forty-three per cent of B.C. residents are finding themselves less able to save this year relative to last, a new RBC (TSX: RY) poll has found.
“We think British Columbians and Ontarians are saving less than last year due to a high cost of living,” Maria Contreras, product manager, savings accounts at RBC, said in an email.
The poll found that B.C. is facing more 2011 saving challenges than the nation; just under 40% of all Canadians are saving less than last year, up from 27% who said in 2010 that they were saving less than the previous year.
Nationally, the poll found that the top problems associated with saving were: being disciplined about saving (30%), setting up a program to pay yourself first (28%), and determining how much they can afford to save each month (24%).
The poll found that 53% of British Columbians are using budgets, a figure that somewhat trails the national average of 57%.
The poll also found that Canadians 25 to 34 years old were the least likely (51%) to report keeping a budget.
Jenny Wagler
Twitter: JennyWagler_BIV