Canadians say retirement savings, homeownership and eliminating debt are their top three financial priorities, but nearly half are not able to put money towards them, according to a survey by RBC Financial Group.
Nearly half of Canadians (47%) with homeownership as a priority don't put money towards this goal while 40% of those with retirement savings as a priority don't have the money to add to their nest egg.
Lee Ann Davies, head of RBC's retirement strategies group said, "We have so many complex and competing financial priorities today that it's hard to stay focused."
The survey found that Canadians focused on reducing their debt were more successful than those focusing on saving their money. Roughly 80% of those surveyed said they were successful with their debt reduction goals.
The survey suggested that Canadians continue to struggle to find the balance between the desire for home ownership and building their retirement nest egg.
Over the past year, more baby boomers have focused on home ownership (44% versus 20% last October). More Canadians aged 35 to 54 have also focused on owning their own home (44% versus 30% last fall).