Canadians say their top three financial priorities are retirement savings (50%), home ownership (47%) and regular payments to reduce or eliminate debt (41%), but not everyone puts their money where their priorities are, according to the RBC Financial Priorities Poll.

Nearly half of Canadians with home ownership as a priority (47%) don’t put money towards it. Four-in-10 of those with retirement savings as a priority don’t put money towards this goal. Canadians were more successful with their debt reduction, with eight-in-ten putting money toward this priority.

“We have so many complex and competing financial priorities today that it’s hard to stay focused,” says Lee Anne Davies, head, retirement strategies, RBC. “That’s the main driver behind half of Canadians saying they need financial planning help.”

Financial priorities have changed over the past year. More than twice as many Canadian boomers (aged 55 and over) named home ownership as a financial priority compared to a year ago (44% versus 20% from the poll conducted in October 2008). Among Canadians aged 35 to 54, home ownership grew in importance, with 44% stating it as a financial priority, compared to 30% in fall 2008.

“More boomers than you would think are struggling to balance home ownership with retirement savings as financial priorities,” says Davies.

Although money issues always accompany major life events like job loss, retirement or marriage, many Canadians (58%) find the emotional impact of these events to be more significant than the financial impact.

“The cost of a major life event is important, but costs are never as important as the actual experience,” adds Davies. “I’m a big believer in the fact that financial planning is much more than dollars and cents. It should reflect your personal life and what you want to do to make your life, and your family’s lives, better.”

IE