{"id":3449,"date":"2021-06-16T19:00:00","date_gmt":"2021-06-17T00:00:00","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/facts-figures-health-and-wellness-peace-of-mind-in-planning-family-finances-and-saving\/"},"modified":"2023-11-01T10:40:43","modified_gmt":"2023-11-01T14:40:43","slug":"facts-figures-health-and-wellness-peace-of-mind-in-planning-family-finances-and-saving","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/facts-figures-health-and-wellness-peace-of-mind-in-planning-family-finances-and-saving","title":{"rendered":"Facts &#038; figures: Health and wellness, peace of mind in planning, family finances and saving"},"content":{"rendered":"<h2>Family finances<\/h2> <p>According to the 2019 Canadian Financial Capability Survey, <strong>about half (49 percent)<\/strong> of Canadians have a budget. The most common method of budgeting is using a digital tool such as a spreadsheet, mobile app or other financial software (20 percent).<sup>1<\/sup><\/p> <p>Among Canadians in the &ldquo;Sandwich Generation&rdquo; (those looking after children and parents), <strong>27 percent<\/strong> expect to put their own financial goals on hold to provide support to both their children and their parents. Planning ahead is key, yet <strong>only one-in-four said they have a financial plan to help<\/strong> them deal with the pressures associated with supporting these family members.<sup>2<\/sup><\/p> <div class=\"well is-style-b-grey-light-tint-2 b-grey-light-tint-2 migrated\"> \t<h3>A snapshot of Canadian spending habits during the pandemic<sup>3<\/sup><\/h3> \t<div class=\"mb-2-half\"><\/div> \t<div class=\"row mb-1 align-items-center\"> \t\t<div class=\"col-sm-4 mb-1 mb-sm-0\"> \t\t\t<div class=\"position-relative text-center\"> \t\t\t\t<span class=\"text-number position-absolute h-100 w-100 d-flex justify-content-center align-items-center c-white\">$<\/span> \t\t\t\t<svg aria-hidden=\"true\" class=\"circle-svg w-100 c-seaweed\" viewbox=\"0 0 110 110\" style=\"max-width: 100px\"> \t\t\t\t\t<circle class=\"circle-fill c-seaweed-dark\" cx=\"55\" cy=\"55\" r=\"45\" style=\"fill: currentColor\" \/> \t\t\t\t\t<circle class=\"circle-stroke\" cx=\"55\" cy=\"55\" r=\"50\" style=\"stroke: #fff; stroke-dashoffset: 0\" \/> \t\t\t\t\t<circle transform=\"rotate(-90, 55, 55)\" class=\"circle-stroke\" cx=\"55\" cy=\"55\" r=\"50\" style=\"stroke-dashoffset: 78.5;\" \/> \t\t\t\t<\/svg> \t\t\t<\/div> \t\t<\/div> \t\t<div class=\"col-9 col-sm-7\"> \t\t\t<p class=\"h5 mb-0\">75%<\/p> \t\t\t<p class=\"italic\">are spending less overall.<\/p> \t\t<\/div> \t<\/div> \t<div class=\"row mb-1 align-items-center\"> \t\t<div class=\"col-sm-4 mb-1 mb-sm-0\"> \t\t\t<div class=\"position-relative text-center\"> \t\t\t\t<span class=\"text-number position-absolute h-100 w-100 d-flex justify-content-center align-items-center c-white\">$<\/span> \t\t\t\t<svg aria-hidden=\"true\" class=\"circle-svg w-100 c-seaweed\" viewbox=\"0 0 110 110\" style=\"max-width: 100px\"> \t\t\t\t\t<circle class=\"circle-fill c-seaweed-dark\" cx=\"55\" cy=\"55\" r=\"45\" style=\"fill: currentColor\" \/> \t\t\t\t\t<circle class=\"circle-stroke\" cx=\"55\" cy=\"55\" r=\"50\" style=\"stroke: #fff; stroke-dashoffset: 0\" \/> \t\t\t\t\t<circle transform=\"rotate(-90, 55, 55)\" class=\"circle-stroke\" cx=\"55\" cy=\"55\" r=\"50\" style=\"stroke-dashoffset: 119.32;\" \/> \t\t\t\t<\/svg> \t\t\t<\/div> \t\t<\/div> \t\t<div class=\"col-9 col-sm-7\"> \t\t\t<p class=\"h5 mb-0\">62%<\/p> \t\t\t<p class=\"italic\">are using less cash.<\/p> \t\t<\/div> \t<\/div> \t<div class=\"row mb-1 align-items-center\"> \t\t<div class=\"col-sm-4 mb-1 mb-sm-0\"> \t\t\t<div class=\"position-relative text-center\"> \t\t\t\t<span class=\"text-number position-absolute h-100 w-100 d-flex justify-content-center align-items-center c-white\">$<\/span> \t\t\t\t<svg aria-hidden=\"true\" class=\"circle-svg w-100 c-seaweed\" viewbox=\"0 0 110 110\" style=\"max-width: 100px\"> \t\t\t\t\t<circle class=\"circle-fill c-seaweed-dark\" cx=\"55\" cy=\"55\" r=\"45\" style=\"fill: currentColor\" \/> \t\t\t\t\t<circle class=\"circle-stroke\" cx=\"55\" cy=\"55\" r=\"50\" style=\"stroke: #fff; stroke-dashoffset: 0\" \/> \t\t\t\t\t<circle transform=\"rotate(-90, 55, 55)\" class=\"circle-stroke\" cx=\"55\" cy=\"55\" r=\"50\" style=\"stroke-dashoffset: 147.58;\" \/> \t\t\t\t<\/svg> \t\t\t<\/div> \t\t<\/div> \t\t<div class=\"col-9 col-sm-7\"> \t\t\t<p class=\"h5 mb-0\">53%<\/p> \t\t\t<p class=\"italic\">are using card or mobile tap payment more.<\/p> \t\t<\/div> \t<\/div> \t<div class=\"row mb-1 align-items-center\"> \t\t<div class=\"col-sm-4 mb-1 mb-sm-0\"> \t\t\t<div class=\"position-relative text-center\"> \t\t\t\t<span class=\"text-number position-absolute h-100 w-100 d-flex justify-content-center align-items-center c-white\">$<\/span> \t\t\t\t<svg aria-hidden=\"true\" class=\"circle-svg w-100 c-seaweed\" viewbox=\"0 0 110 110\" style=\"max-width: 100px\"> \t\t\t\t\t<circle class=\"circle-fill c-seaweed-dark\" cx=\"55\" cy=\"55\" r=\"45\" style=\"fill: currentColor\" \/> \t\t\t\t\t<circle class=\"circle-stroke\" cx=\"55\" cy=\"55\" r=\"50\" style=\"stroke: #fff; stroke-dashoffset: 0\" \/> \t\t\t\t\t<circle transform=\"rotate(-90, 55, 55)\" class=\"circle-stroke\" cx=\"55\" cy=\"55\" r=\"50\" style=\"stroke-dashoffset: 194.68;\" \/> \t\t\t\t<\/svg> \t\t\t<\/div> \t\t<\/div> \t\t<div class=\"col-9 col-sm-7\"> \t\t\t<p class=\"h5 mb-0\">38%<\/p> \t\t\t<p class=\"italic\">are using e-commerce platforms more.<\/p> \t\t<\/div> \t<\/div> \t<p>Read more about <em><a href=\"\/insights\/financial-planning-nine-key-areas-of-focus\">nine key financial planning tips<\/a><\/em>.<\/p> <\/div> <h2>Peace of mind in planning<\/h2> <h3>4 in 10<\/h3> <p>According to the 2020 Financial Stress Index, <strong>4 in 10<\/strong> Canadians say the pandemic has impacted their financial stress levels, and half are losing sleep over financial worries. Notably, however, those with a financial planner feel more shielded from financial stress, with <strong>53 percent<\/strong> saying it does not impact them.<sup>5<\/sup><\/p> <h3>56% vs. 28%<\/h3> <p>Canadians who have a plan to save are more confident in how much they need to save for retirement compared with those who don&rsquo;t have a retirement plan (56 percent vs. 28 percent); they also feel more assured that their savings will provide for the lifestyle they envision (71 percent vs. 32 percent).<sup>4<\/sup><\/p> <p><em>Find out how a <a href=\"\/insights\/setting-a-strategy-for-investing-regularly\">plan to invest regularly<\/a> may help you save more over time.<\/em><\/p> <h2>Health and wellness<\/h2> <p>Over the course of the pandemic, baking and cooking have become increasingly popular at-home activities and pastimes. According to a study in the <em>Journal of Positive Psychology<\/em>, engaging in small, creative projects can be an effective tool to promote well-being and positively impact emotional functioning. In fact, the findings revealed that cooking and baking made the participants feel more relaxed and happier in their everyday lives.<sup>6<\/sup><\/p> <div class=\"well is-style-b-beige b-beige migrated\"> \t<h3>Most-searched recipes online during the pandemic:<sup>7<\/sup><\/h3> \t<div class=\"row\"> \t\t<div class=\"col-md-6\"> \t\t\t<ul> \t\t\t\t<li>Banana bread<\/li> \t\t\t\t<li>Pancakes<\/li> \t\t\t\t<li>Chicken<\/li> \t\t\t\t<li>Pizza dough<\/li> \t\t\t\t<li>Brownies<\/li> \t\t\t<\/ul> \t\t<\/div> \t\t<div class=\"col-md-6\"> \t\t\t<ul> \t\t\t\t<li>Crepes<\/li> \t\t\t\t<li>Meatloaf<\/li> \t\t\t\t<li>French toast<\/li> \t\t\t\t<li>Lasagna<\/li> \t\t\t\t<li>Cheesecake<\/li> \t\t\t<\/ul> \t\t<\/div> \t<\/div> <\/div> <p>Regular physical activity has been shown to help the brain&rsquo;s capacity to grow, repair and improve &mdash; at every age. In adults, the hippocampus (the area involved in memory, learning and emotion) starts shrinking after age 55 by about 1 to 2 percent per year. Research shows that just one year of moderate aerobic exercise (activities that make you sweat and get your heart rate up) three times per week can <strong>increase its size by 2 percent<\/strong>. And, strength training has been shown to enhance brain function by <strong>11 to 17 percent<\/strong>.<sup>9<\/sup><\/p>  \t<div class=\"wp-block-rbcwm-well well is-style-default mb-3 migrated\"> \t\t <h3 class=\"wp-block-heading has-text-align-left\" >Did you know?<\/h3> <p>According to recent research, Canadians who sleep more than 6 hours a night report lower stress levels and a better work-life balance than those who get less shuteye. But despite the benefits of more rest, over half of Canadians are willing to cut back on their sleep to accomplish more in their day.<sup>8<\/sup><\/p><p>Find out more about <em><a href=\"\/insights\/incorporating-wellness-practices-into-your-everyday\">wellness practices<\/a><\/em>.<\/p> \t<\/div>  <h2>Spotlight on saving<\/h2> <div class=\"row my-2-half migrated\"> \t<div class=\"col-3 col-md-2 text-center\"><span class=\"fa-stack fa-2x c-sky-dark\"><svg aria-hidden=\"true\" role=\"img\" viewbox=\"0 0 512 512\" class=\"fa-stack-1x\"><path fill=\"currentColor\" d=\"M448 0H64C28.7 0 0 28.7 0 64v288c0 35.3 28.7 64 64 64h96v84c0 7.1 5.8 12 12 12 2.4 0 4.9-.7 7.1-2.4L304 416h144c35.3 0 64-28.7 64-64V64c0-35.3-28.7-64-64-64zm32 352c0 17.6-14.4 32-32 32H293.3l-8.5 6.4L192 460v-76H64c-17.6 0-32-14.4-32-32V64c0-17.6 14.4-32 32-32h384c17.6 0 32 14.4 32 32v288z\"><\/path><\/svg> <span class=\"fa-stack-sm c-sky-dark rbc-display\" style=\"top: -7px; font-size: 0.6em;\">49%<\/span> <\/span><\/div> \t<div class=\"col-9 col-md-10\"> \t\t<p>According to a recent survey, <span class=\"rbc-display\">49 percent<\/span> of Canadian respondents said they have no savings set aside for an emergency.<sup>10<\/sup><\/p> \t<\/div> <\/div> <div class=\"row my-2-half migrated\"> \t<div class=\"col-3 col-md-2 text-center\"><span class=\"fa-stack fa-2x c-sky-dark\"><svg aria-hidden=\"true\" role=\"img\" viewbox=\"0 0 512 512\" class=\"fa-stack-1x\"><path fill=\"currentColor\" d=\"M448 0H64C28.7 0 0 28.7 0 64v288c0 35.3 28.7 64 64 64h96v84c0 7.1 5.8 12 12 12 2.4 0 4.9-.7 7.1-2.4L304 416h144c35.3 0 64-28.7 64-64V64c0-35.3-28.7-64-64-64zm32 352c0 17.6-14.4 32-32 32H293.3l-8.5 6.4L192 460v-76H64c-17.6 0-32-14.4-32-32V64c0-17.6 14.4-32 32-32h384c17.6 0 32 14.4 32 32v288z\"><\/path><\/svg> <span class=\"fa-stack-sm c-sky-dark rbc-display\" style=\"top: -7px; font-size: 0.6em;\">40% +<\/span> <\/span><\/div> \t<div class=\"col-9 col-md-10\"> \t\t<p>Based on the most recent Census data, just over <span class=\"rbc-display\">40 percent<\/span> of Canadians contribute to a Tax-Free Savings Account (TFSA). As a savings option, TFSAs are more popular among individuals under age 35 and those over age 55.<sup>11<\/sup><\/p> \t<\/div> <\/div> <div class=\"row my-2-half migrated\"> \t<div class=\"col-3 col-md-2 text-center\"><span class=\"fa-stack fa-2x c-sky-dark\"><svg aria-hidden=\"true\" role=\"img\" viewbox=\"0 0 512 512\" class=\"fa-stack-1x\"><path fill=\"currentColor\" d=\"M448 0H64C28.7 0 0 28.7 0 64v288c0 35.3 28.7 64 64 64h96v84c0 7.1 5.8 12 12 12 2.4 0 4.9-.7 7.1-2.4L304 416h144c35.3 0 64-28.7 64-64V64c0-35.3-28.7-64-64-64zm32 352c0 17.6-14.4 32-32 32H293.3l-8.5 6.4L192 460v-76H64c-17.6 0-32-14.4-32-32V64c0-17.6 14.4-32 32-32h384c17.6 0 32 14.4 32 32v288z\"><\/path><\/svg> <span class=\"fa-stack-sm c-sky-dark rbc-display\" style=\"top: -7px; font-size: 0.6em;\">7\/10<\/span> <\/span><\/div> \t<div class=\"col-9 col-md-10\"> \t\t<p>Among Canadians who are not yet retired, about <span class=\"rbc-display\">7 in 10<\/span> are preparing financially.<sup>12<\/sup><\/p> \t<\/div> <\/div> <p>Interested in learning more about TFSAs? <a href=\"\/insights\/using-a-tfsa-to-help-you-reach-your-financial-goals\">Read this article<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>A snapshot of current research and statistics for Canadians and their families.<\/p>\n","protected":false},"author":0,"featured_media":3205,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[180],"tags":[],"rbcwm_content_owner":[],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[94],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-3449","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"A snapshot of current research and statistics for Canadians and their families.","rbcwm_post_author":[],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["No"],"perspective_disclaimer":["Yes"],"expandable":[],"omit_from_pages":[],"disclaimer_footnote":"<h5>References:<\/h5>\n<ol>\n<li>Government of Canada. Canadians and Their Money: Key Findings from the 2019 Canadian Financial Capability Survey. Accessed August 2020. <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/programs\/research\/canadian-financial-capability-survey-2019.html\" class=\"link-ext\" target=\"_blank\" rel=\"noopener\">https:\/\/www.canada.ca\/en\/financial-consumer-agency\/programs\/research\/canadian-financial-capability-survey-2019.html<\/a><\/li>\n<li>&ldquo;The Sandwich Generation: Financially squeezed.&rdquo; Data from a Leger poll. Accessed August 2020. <a href=\"https:\/\/www.financialplanningforcanadians.ca\/financial-planning\/sandwich-generation-survey\" class=\"link-ext\" target=\"_blank\" rel=\"noopener\">https:\/\/www.financialplanningforcanadians.ca\/financial-planning\/sandwich-generation-survey<\/a><\/li>\n<li>&ldquo;COVID-19 pandemic dramatically shifts Canadians&rsquo; spending habits.&rdquo; Payments Canada. Published May 13, 2020. <em>Note: Findings based on a study comparing pre-COVID-19 spending habits to the same habits at week five of the pandemic.<\/em> <a href=\"https:\/\/www.payments.ca\/about-us\/news\/covid-19-pandemic-dramatically-shifts-canadians%E2%80%99-spending-habits\" class=\"link-ext\" target=\"_blank\" rel=\"noopener\">https:\/\/www.payments.ca\/about-us\/news\/covid-19-pandemic-dramatically-shifts-canadians%E2%80%99-spending-habits<\/a><\/li>\n<li>Government of Canada. Canadians and Their Money: Key Findings from the 2019 Canadian Financial Capability Survey. Accessed August 2020. <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/programs\/research\/canadian-financial-capability-survey-2019.html\" class=\"link-ext\" target=\"_blank\" rel=\"noopener\">https:\/\/www.canada.ca\/en\/financial-consumer-agency\/programs\/research\/canadian-financial-capability-survey-2019.html<\/a><\/li>\n<li>2020 Financial Stress Index. FP Canada. Accessed August 2020. <a href=\"https:\/\/www.financialplanningforcanadians.ca\/articles\/2020-financial-stress-index\" class=\"link-ext\" target=\"_blank\" rel=\"noopener\">https:\/\/www.financialplanningforcanadians.ca\/articles\/2020-financial-stress-index<\/a><\/li>\n<li>&ldquo;Feeling Down? Scientists say cooking and baking could help you feel better.&rdquo; <em>Smithsonian Magazine<\/em>. Accessed August 2020. <a href=\"https:\/\/www.smithsonianmag.com\/smart-news\/feeling-down-scientists-say-cooking-and-baking-may-help-you-feel-better-180961223\/\" class=\"link-ext\" target=\"_blank\" rel=\"noopener\">https:\/\/www.smithsonianmag.com\/smart-news\/feeling-down-scientists-say-cooking-and-baking-may-help-you-feel-better-180961223\/<\/a>; and, &ldquo;Everyday creative activity as a path to flourishing.&rdquo; <em>The Journal of Positive Psychology<\/em>. Accessed August 2020. <a href=\"https:\/\/www.tandfonline.com\/doi\/abs\/10.1080\/17439760.2016.1257049\" class=\"link-ext\" target=\"_blank\" rel=\"noopener\">https:\/\/www.tandfonline.com\/doi\/abs\/10.1080\/17439760.2016.1257049<\/a><\/li>\n<li>&ldquo;From banana bread to lasagna: Top 10 most-googled recipes while people are self-quarantining&rdquo; CNBC. Based on Google Trends data from March 1 to April 26. Accessed August 2020. <a href=\"https:\/\/www.cnbc.com\/2020\/04\/26\/top-google-recipes-amid-covid-19-banana-bread-whipped-coffee.html\" class=\"link-ext\" target=\"_blank\" rel=\"noopener\">https:\/\/www.cnbc.com\/2020\/04\/26\/top-google-recipes-amid-covid-19-banana-bread-whipped-coffee.html<\/a><\/li>\n<li>Statistics Canada. Ready, set, snooze! Infographic. Release date: October 10, 2018. <a href=\"https:\/\/www150.statcan.gc.ca\/n1\/pub\/11-627-m\/11-627-m2018029-eng.htm\" class=\"link-ext\" target=\"_blank\" rel=\"noopener\">https:\/\/www150.statcan.gc.ca\/n1\/pub\/11-627-m\/11-627-m2018029-eng.htm<\/a><\/li>\n<li>&ldquo;Do you know how to keep your brain healthy?&rdquo; Women&rsquo;s Brain Health Initiative. Accessed August 2020. <a href=\"https:\/\/womensbrainhealth.org\/think-twice\/do-you-know-how-to-keep-your-brain-healthy\" class=\"link-ext\" target=\"_blank\" rel=\"noopener\">https:\/\/womensbrainhealth.org\/think-twice\/do-you-know-how-to-keep-your-brain-healthy<\/a><\/li>\n<li>Investment Executive. Findings from Refresh Financial Survey. Accessed August 2020. <a href=\"https:\/\/www.investmentexecutive.com\/news\/industry-news\/53-of-canadians-live-paycheque-to-paycheque\/\" class=\"link-ext\" target=\"_blank\" rel=\"noopener\">https:\/\/www.investmentexecutive.com\/news\/industry-news\/53-of-canadians-live-paycheque-to-paycheque\/<\/a><\/li>\n<li>Statistics Canada. Census in Brief. Household contribution rates for selected registered savings accounts. Release date: September 13, 2017. <a href=\"https:\/\/www12.statcan.gc.ca\/census-recensement\/2016\/as-sa\/98-200-x\/2016013\/98-200-x2016013-eng.cfm\" class=\"link-ext\" target=\"_blank\" rel=\"noopener\">https:\/\/www12.statcan.gc.ca\/census-recensement\/2016\/as-sa\/98-200-x\/2016013\/98-200-x2016013-eng.cfm<\/a><\/li>\n<li>Government of Canada. Canadians and Their Money: Key Findings from the 2019 Canadian Financial Capability Survey. Accessed August 2020. <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/programs\/research\/canadian-financial-capability-survey-2019.html\" class=\"link-ext\" target=\"_blank\" rel=\"noopener\">https:\/\/www.canada.ca\/en\/financial-consumer-agency\/programs\/research\/canadian-financial-capability-survey-2019.html<\/a><\/li>\n<\/ol>"},"rbcwm_insight_cta_id":11937,"rbcwm_pagination":{"next_link":"","next_link_text":"","previous_link":"","previous_link_text":""},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Facts &amp; figures: Health and wellness, peace of mind in planning, family finances and saving<\/title>\n<meta name=\"description\" content=\"A snapshot of current research and statistics for Canadians and their families.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/facts-figures-health-and-wellness-peace-of-mind-in-planning-family-finances-and-saving\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Facts &amp; 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