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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 stated they’re spending all of their revenue on obligatory payments and bills. Twenty-nine per cent stated their funds have been in “a relentless state of chaos,” and 48 per cent imagine they may by no means be capable of get forward financially.
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RBC’s director of regional monetary planning help, Craig Bannon, stated that as excessive prices proceed to erode monetary flexibility, it was not shocking to listen to Canadians are feeling anxious and uncertain of their subsequent steps.
“If this was a medical well being difficulty, you’ll search the experience of a medical skilled,” he stated. “We’re advising Canadians to make use of the identical strategy to their monetary well being.”
That could be simpler stated than accomplished, since 47 per cent of respondents stated they discover it exhausting to consider their monetary future whereas they’re fighting day-to-day bills.
The identical variety of Canadians say they’re dwelling “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’ greatest monetary threat in 2025 as not having sufficient cash to cowl any surprising bills that will come up, with 44 per cent rating it at high. The bulk, or 60 per cent, stated they fear they don’t have the funds for to cowl such bills in the present day.
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Half stated they’re spending all their revenue on important payments and bills, whereas 27 per cent stated they’re taking over debt to fulfill their primary month-to-month wants. Almost 1 / 4 stated that they had 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 stated a pattern of this measurement would yield a margin of error of ± 2.5 proportion factors at a 95 per cent confidence degree.
• Electronic mail: dpaglinawan@postmedia.com
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