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More than half (or 55 per cent) of people surveyed by the RBC Financial Flexibility Poll described themselves as “financially paralyzed,” and 50 per cent said they are spending all of their income on necessary bills and expenses. Twenty-nine per cent said their finances were in “a constant state of chaos,” and 48 per cent believe they will never be able to get ahead financially.
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RBC’s director of regional financial planning support, Craig Bannon, said that as high costs continue to erode financial flexibility, it was not surprising to hear Canadians are feeling anxious and unsure of their next steps.
“If this was a medical health issue, you would seek the expertise of a medical professional,” he said. “We’re advising Canadians to use the same approach to their financial health.”
That may be easier said than done, since 47 per cent of respondents said they find it hard to think about their financial future while they are struggling with day-to-day expenses.
The same number of Canadians say they are living “bill to bill” and have had to dip into their emergency fund or retirement savings to help cover costs, according to RBC’s poll. Forty-four per cent worry that it’s not a matter of if, but when they’ll run out of money to live comfortably, while 18 per cent believe they are already over the edge.
The report identified Canadians’ biggest financial risk in 2025 as not having enough money to cover any unexpected expenses that may arise, with 44 per cent ranking it at top. The majority, or 60 per cent, said they worry they don’t have enough money to cover such expenses today.
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Half said they are spending all their income on essential bills and expenses, while 27 per cent said they are taking on debt to meet their basic monthly needs. Nearly a quarter said they had asked family for money or moved in with relatives.
RBC’s financial flexibility poll surveyed 1,515 Canadian adults online between Nov. 1 and 5. It said a sample of this size would yield a margin of error of ± 2.5 percentage points at a 95 per cent confidence level.
• Email: dpaglinawan@postmedia.com
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