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TORONTO –
A new RBC survey suggests financial uncertainty has become the new normal for many Canadians as inflation eats into their savings and hampers their future financial security.
The rising cost of living tops Canadians’ list of worries, according to the poll, with 77 per cent of respondents saying they are not able to save as much as they would like to and roughly half saying they’ve never been more stressed about money.
Craig Bannon, director of regional financial planning support at RBC, says more than one-third of Canadians don’t have an emergency fund, further weakening their financial flexibility.
The RBC poll also found that Canadians are worried about a potential recession, with the majority saying it would be tougher on everyone to weather an economic downturn today than it was in 2008.
If inflationary pressures continue into 2024, the poll finds 72 per cent of respondents with debt are worried about taking on more debt while 21 per cent said they might have to come out of retirement.
The survey, commissioned by RBC, polled 1,508 Canadian adults online between June 20 and 23. The poll cannot be assigned a margin of error because online surveys are not considered truly random samples.
This report by The Canadian Press was first published Sept. 20, 2023.
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