55% of Canadians feeling ‘financially paralyzed:’ RBC ballot

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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 revenue on vital payments and bills. Twenty-nine per cent mentioned their funds had been in “a relentless state of chaos,” and 48 per cent imagine they’ll by no means be capable of get forward financially.

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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 concern, you’ll search the experience of a medical skilled,” he mentioned. “We’re advising Canadians to make use of the identical method to their monetary well being.”

That could be simpler mentioned than achieved, since 47 per cent of respondents mentioned they discover it onerous to consider their monetary future whereas they’re scuffling with 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, based on 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 that will come up, with 44 per cent rating it at prime. The bulk, or 60 per cent, mentioned they fear they don’t come up with the money for to cowl such bills right this moment.

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Half mentioned they’re spending all their revenue on important payments and bills, whereas 27 per cent mentioned they’re taking over debt to satisfy their primary month-to-month wants. Practically 1 / 4 mentioned they’d requested household for cash or moved in with kinfolk.

RBC’s monetary flexibility ballot surveyed 1,515 Canadian adults on-line between Nov. 1 and 5. It mentioned a pattern of this measurement would yield a margin of error of ± 2.5 proportion factors at a 95 per cent confidence stage.

• E mail: dpaglinawan@postmedia.com

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