Being financial independent. Just what does that mean? It’s a question Canadians were asked in a recent survey conducted for RBC Royal Bank.
This is the time of year we see a lot of these reports with the RRSP deadline for last year just around the corner.
What most of us said was being debt free is the definition of financial independence. That was cited by two-third of Canadians. A smaller percentage said having money to invest fits their definition.
Now, that was the national picture. Here in Saskatchewan, nearly three-quarters of us said: being debt free was their definition. In fact, only people in Ontario and Quebec said paying off all their debts amounted to financial freedom. For the rest of us, debt is the millstone we want to shed.
The second definition – having money to invest as a description of financial independence – is one Saskatchewan residents are more likely to choose. Thirty-nine per cent of us opted for this one, a rate which is among the highest in the country. Only BC and Ontario – where housing prices are in the stratosphere – came in higher.
