Close Menu
  • Home
  • About
  • News
  • Awards
  • Media & Press
  • Video Podcasts
  • Magazines
  • Events
  • Contact
Facebook X (Twitter) Instagram
Gazet International – Global Magazine
AWARD NOMINATION
  • Home
  • About
  • News
  • Awards
  • Media & Press
  • Video Podcasts
  • Magazines
  • Events
  • Contact
You are at:Home » Financial flexibility disappearing for Canadians as rising costs continue to hammer savings – RBC poll
Banking

Financial flexibility disappearing for Canadians as rising costs continue to hammer savings – RBC poll

Gazet InternationalBy Gazet InternationalOctober 1, 2023Updated:January 24, 20254 Mins Read
Facebook Twitter LinkedIn
Share
Facebook Twitter LinkedIn

The impact inflation continues to have on the lives of Canadians has them feeling unsettled about their day-to-day spending and saving options and their future financial security, according to the RBC 2023 Financial Flexibility Poll.

Three of the harsh financial realities called out by poll respondents:

Three-quarters (77%) would like to save more but can’t because of rising costs

Almost two-thirds (64%) are concerned about falling behind financially this year

Almost half (48%) reported they have never been more stressed out about money

“When we add on that more than one-third of Canadians don’t have an emergency fund, we’re seeing financial flexibility disappearing for many across the country,” said Craig Bannon, director, Regional Financial Planning Support, RBC.

Not only does the rising cost of living top the list of today’s financial worries for Canadians, but many respondents also expressed serious concerns about the effect inflation could have on their financial future. According to poll findings, if inflation continues into 2024:

Almost three-quarters (72%) of those with debt are worried about taking on more debt.

The majority are concerned they won’t have enough money to cover unexpected costs (67%) or ongoing expenses (62%).

39% worry it will take longer to retire.

21% expect they will need to come out of retirement.

The RBC poll found that the impact of a potential recession is also on the minds of Canadians, with the majority saying a recession would be tougher on everyone today than it was in 2008/2009 (71%) and expecting it would negatively impact their own finances (70%). In addition, over half (53%) indicated that they are too concerned about covering current expenses to worry about a recession.

RESPONSE

CAN

BC

AB

SK/MB

ON

QC

AC

Personal finances in general:

I would like to save more but can’t
because of rising costs.

77 %

77 %

79 %

81 %

78 %

71 %

80 %

If inflation continues into 2024, I’m
concerned I won’t have enough
money to cover unexpected costs.

67 %

65 %

73 %

73 %

66 %

62 %

73 %

If inflation continues into 2024, I’m
concerned I won’t have enough
money to cover my expenses.

62 %

57 %

68 %

67 %

63 %

59 %

68 %

If inflation continues into 2024, I’m
concerned about taking on debt.

59 %

55 %

66 %

62 %

60 %

55 %

67 %

Uncertainty is the new normal
when it comes to my finances.

59 %

62 %

57 %

63 %

62 %

50 %

69 %

I wasn’t ready for the impact of
inflation.

59 %

65 %

65 %

57 %

58 %

55 %

56 %

I didn’t plan early enough for
rising costs.

58 %

58 %

60 %

58 %

57 %

59 %

58 %

I have never been more stressed
out about money.

48 %

50 %

49 %

42 %

50 %

45 %

53 %

I have decreased my overall
savings compared to a year ago.

43 %

46 %

48 %

46 %

44 %

36 %

51 %

I am investing less so I can put
more into savings.

40 %

42 %

37 %

38 %

41 %

38 %

40 %

I don’t have an emergency fund.

38 %

35 %

33 %

37 %

39 %

37 %

45 %

I regret recent big purchases as it
would have been better to save
the money.

29 %

27 %

25 %

39 %

30 %

29 %

30 %

I am most likely to cut back on:

• restaurants/dining out

53 %

53 %

52 %

55 %

50 %

54 %

60 %

• entertainment

49 %

54 %

52 %

53 %

47 %

41 %

65 %

• travel

40 %

42 %

41 %

45 %

39 %

34 %

52 %

Top 5 financial concerns:

Inflation and the rising cost of
living

87 %

84 %

93 %

91 %

86 %

85 %

91 %

Ability to save for the future

72 %

71 %

77 %

83 %

70 %

68 %

75 %

Interest rate increases

69 %

68 %

75 %

74 %

70 %

64 %

76 %

Falling behind financially this year

64 %

61 %

65 %

65 %

64 %

64 %

72 %

Needing to use my savings to
cover my everyday expenses

63 %

59 %

73 %

66 %

64 %

59 %

67 %

A recession will take place this
year

63 %

61 %

67 %

62 %

64 %

57 %

68 %

Inflation and retirement:

If inflation continues into 2024, I
am concerned I would need to
come out of retirement.

21 %

20 %

19 %

23 %

21 %

21 %

24 %

If inflation continues into 2024, I
am concerned it will take longer to
retire.

39 %

40 %

49 %

44 %

40 %

31 %

41 %

Potential recession:

A recession will be tougher on
Canadians today than it was in
2008/2009.

71 %

67 %

81 %

77 %

72 %

63 %

75 %

A recession would negatively
impact my finances.

70 %

72 %

72 %

73 %

70 %

63 %

74 %

I’m too concerned about covering
my current expenses to worry
about a recession.

53 %

54 %

57 %

56 %

52 %

44 %

67

“This is why it’s so important to have a financial plan in place – one that gives you the flexibility to adjust along the way, as your needs change,” adds Bannon. “Any of our advisors can work with you to set up a financial plan to help you try to stay on track – or get back there – no matter what life throws at you.”

Source
#BANKING #CANADA #COSTOFLIVING #DEBTMANAGEMENT #FINANCE #FINANCIALFREEDOM #FINANCIALPLANNING #GAZET #INFLATION #RBC #RECESSION #RETIREMENT #SAVINGS GIAWARDS
Share. Facebook Twitter LinkedIn
Previous ArticleAs the Economy Slows, the Bank of England Stops Raising Interest Rates
Next Article After Channel Disruption, Singapore’s OCBC has Restored All Banking Services

Related Posts

New co-heads have been appointed to Franklin Templeton’s Global Official Institutions Group.

May 28, 2025

OCBC is bringing its stockbroking businesses into its Global Markets division.

May 28, 2025

Dubai-based DP World to establish new special economic zone in Oman

May 28, 2025
  • Facebook
  • Twitter
  • Instagram
  • YouTube
  • LinkedIn
Don't Miss

Rajveer Ahuja Unveils a Bold New Chapter in Digital Storytelling with Mona Ki Manohar Kahaniyaan​

Sudha Reddy Hosts ‘Beauty With A Purpose Gala’​

Modi Naturals Announces Stellar Growth of 66% for FY25 Financial Results​

PayG Secures RBI Payment Aggregator License – A Pivotal Milestone in India’s Fintech Evolution​

Recent Posts
  • Rajveer Ahuja Unveils a Bold New Chapter in Digital Storytelling with Mona Ki Manohar Kahaniyaan​
  • Sudha Reddy Hosts ‘Beauty With A Purpose Gala’​
  • Modi Naturals Announces Stellar Growth of 66% for FY25 Financial Results​
  • PayG Secures RBI Payment Aggregator License – A Pivotal Milestone in India’s Fintech Evolution​
  • How Infrastructure is Putting Tier-2 Cities on the Investment Map​
Recent Comments
    Archives
    • May 2025
    • April 2025
    • March 2025
    • February 2025
    • January 2025
    • December 2024
    • November 2024
    • October 2024
    • September 2024
    • August 2024
    • July 2024
    • June 2024
    • May 2024
    • April 2024
    • March 2024
    • February 2024
    • January 2024
    • October 2023
    • September 2023
    • January 2021
    Categories
    • Banking
    • Blog
    • Business
    • Corporate
    • Editor's Column
    • Events
    • Executive Spotlight
    • Finance and Investing
    • Lifestyle
    • magazine
    • podcast
    • Press Release
    • Technology
    • World
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    About

    GAZET INTERNATIONAL


    Gazet International Magazine is a global entity that works towards providing latest information and news updates of the world. It entraps latest stories in banking, finance, lifestyle and various beats of the world. We engage in recognizing and rewarding the global organizations for their achievements in various fields and deliver justice to the nominees with valued identification and recognition of companies that indulge in the Gazet Award Ceremony.

    Facebook X (Twitter) Instagram YouTube LinkedIn
    Categories
    • Banking
    • Blog
    • Business
    • Corporate
    • Editor's Column
    • Events
    • Executive Spotlight
    • Finance and Investing
    • Lifestyle
    • magazine
    • podcast
    • Press Release
    • Technology
    • World
    Latest posts
    Press Release

    RAKEZ Continues to Fuel its SME Community with Insightful Sessions on Success Strategies

    June 20, 2024
    Business

    Amazon spends $11 billion in Germany to increase cloud and logistics

    June 19, 2024
    Business

    China authorizes the US IPO of autonomous driving firm Momenta.

    June 19, 2024
    Business

    Nvidia surpasses Microsoft to become the most valuable corporation globally.

    June 19, 2024
    Previous 1 … 627 628 629 630 631 … 765 Next
    Official Partner

    7ITS NEWS

    Copyright © 2025. Gazet International

    Type above and press Enter to search. Press Esc to cancel.