Article content material
Greater than half (or 55 per cent) of individuals surveyed by the RBC Monetary Flexibility Ballot described themselves as “financially paralyzed,” and 50 per cent mentioned they’re spending all of their earnings on obligatory payments and bills. Twenty-nine per cent mentioned their funds have been in “a relentless state of chaos,” and 48 per cent imagine they may by no means have the ability to get forward financially.
Article content material
RBC’s director of regional monetary planning help, Craig Bannon, mentioned that as excessive prices proceed to erode monetary flexibility, it was not shocking to listen to Canadians are feeling anxious and not sure of their subsequent steps.
“If this was a medical well being difficulty, you’d search the experience of a medical skilled,” he mentioned. “We’re advising Canadians to make use of the identical strategy to their monetary well being.”
That could be simpler mentioned than completed, since 47 per cent of respondents mentioned they discover it exhausting to consider their monetary future whereas they’re combating day-to-day bills.
The identical variety of Canadians say they’re residing “invoice to invoice” and have needed to dip into their emergency fund or retirement financial savings to assist cowl prices, in line with RBC’s ballot. Forty-four per cent fear that it’s not a matter of if, however once they’ll run out of cash to stay comfortably, whereas 18 per cent imagine they’re already over the sting.
The report recognized Canadians’ largest monetary threat in 2025 as not having sufficient cash to cowl any sudden bills which will come up, with 44 per cent rating it at high. The bulk, or 60 per cent, mentioned they fear they don’t have the funds for to cowl such bills right this moment.
Article content material
Beneficial from Editorial
Half mentioned they’re spending all their earnings on important payments and bills, whereas 27 per cent mentioned they’re taking up debt to satisfy their fundamental month-to-month wants. Almost 1 / 4 mentioned that they had requested household for cash or moved in with kin.
RBC’s monetary flexibility ballot surveyed 1,515 Canadian adults on-line between Nov. 1 and 5. It mentioned a pattern of this dimension would yield a margin of error of ± 2.5 proportion factors at a 95 per cent confidence stage.
• E mail: dpaglinawan@postmedia.com
Bookmark our web site and help our journalism: Don’t miss the enterprise information you have to know — add financialpost.com to your bookmarks and join our newsletters right here.
Share this text in your social community
