RBC releases their latest Flexibility Poll and the numbers are higher than you would expect.
The latest poll from RBC Financial shows that many Canadians continue to be worried about their financial future.
The multinational financial service asked over 1500 Canadians over the age of 18 to answer some questions about their financial situation. The results showed that 48 per cent cannot maintain a standard cost of living with 60 per cent of them worried that they will not be able to cover unexpected expenses like car repairs, emergency home improvements, or medical bills.
Craig Bannon, the Regional Financial Planning Support director at RBC said in a press release that “it’s not surprising to hear that Canadians are feeling anxious and uncertain about what steps they can take to try to find their footing again,”
Many young Canadians are looking to plan for their first homes, kids, and retirement but for some that’s not possible. 29 per cent said that their finances are in a constant state of chaos while 48 per cent believe that they will never be able to get ahead financially.
Over 40 per cent of the Canadian population believe that their biggest financial risk in the next year will be not being able to afford unexpected expenses. Around 47 per cent don’t even think about the future because they are already struggling to handle their day-to-day expenses. When 50 per cent of the respondents are spending all their income on essential bills and expenses like rent, car insurance, and groceries, the struggle is felt throughout the country.
The numbers might seem hopeless but there are over 12,000 advisors across the country ready to guide you through your finances, “We’re advising Canadians to use the same approach for their financial health and lean into the expertise of an advisor.”
