Cost of living crisis: “If this was a medical health issue, you would seek out the expertise of a medical professional”, says RBC’s Craig Bannon – image credit shutterstock

A rather alarmingly high 55% of Canadians feel financially paralysed due to rising costs, with 29% reporting their finances are in a constant state of chaos. Almost half (48%) can no longer maintain their standard of living, with almost the same amount (47%) saying they are now living “bill to bill” and 18% feeling they are already over the edge financially.  

RBC Financial Flexibility Poll

These are just some of the key takeaways from RBC’s Financial Flexibility Poll – Winter Edition.

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All of this could be contributing to why almost half of respondents (48%) don’t believe they will ever be able to get ahead financially. Almost the same amount (47%) admit that it’s not easy to think about their financial future when they are struggling to handle their day-to-day expenses. 

“As financial flexibility continues to erode, 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,” Craig Bannon, director, Regional Financial Planning Support, RBC, tells RBI.

“If this was 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 the expertise of an adviser.

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With finances stretched thin, Canadians are also expressing apprehension about their ability to handle any unplanned costs. A majority (60%) are worried they don’t have enough money to cover unexpected expenses today, with 44% saying this is their biggest financial risk over the next year. All the more reason to speak with an advisor, adds Bannon. “We have over 12,000 advisers across the country who can meet with you – in one of our bank branches, online or over the phone – to help you explore solutions you may not even know are possible, including options for managing debt and ongoing expenses, as well as dealing with unexpected financial hardships.”

RBC My Money Matters digital hub

To help Canadians rebuild a strong financial foundation and take control of their long-term financial wellbeing, RBC makes a vast array of financial advice and expertise freely available to Canadians can, for example, obtain practical guidance to support their financial wellbeing via RBC’s My Money Matters digital hub.