A Royal Bank of Canada (RBC) poll revealed that rising costs have left many Canadians feeling "financially paralyzed," with nearly half unable to maintain their standard of living and significant concerns about their ability to manage unexpected expenses in 2025.
The RBC "Financial Flexibility Poll – Winter Edition" showed that 55 percent described themselves as "financially paralyzed" and that 29 percent of the respondents described their finances as being in a "constant state of chaos."
The poll revealed widespread concerns about financial stability. Forty-eight percent of Canadians believe they will never get ahead financially, while a similar number struggle to think about their economic future as they contend with mounting day-to-day expenses. Forty-four percent worry that running out of money to live comfortably is not "if" but "when," and 18 percent feel they are already financially overburdened.
"As financial flexibility continues to erode, it's not surprising that Canadians are feeling anxious and uncertain about their next steps," said Craig Bannon, director of regional financial planning support at RBC. "If this were a medical health issue, you would seek out the expertise of a medical professional. We're advising Canadians to use the same approach for their financial health and lean into an advisor's expertise."
The survey also highlighted how many Canadians are managing higher costs. Half the respondents reported spending their entire income on essential bills and expenses. Many (47 percent) admitted living "bill to bill," dipping into emergency funds or retirement savings, or even taking on debt to cover monthly needs. Twenty-three percent have sought financial help from family members or moved in with relatives to make ends meet.
The survey also revealed that unexpected expenses are a significant source of worry, with 60 percent concerned they lack enough money to handle unplanned costs. Forty-four percent identified this financial vulnerability as their most considerable risk in 2025.
To help Canadians regain financial stability, RBC urges individuals to connect with financial advisors to explore options for managing debt, planning for emergencies, and addressing ongoing expenses.
The poll was conducted online between November 1 and 5, 2024, with 1,515 adult Canadians participating.