Canadians unsettled about day-to-day spending

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, says 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 

• More than one-third of Canadians don't have an emergency fund 

Not only does the rising cost of living top the list of today's financial worries for Canadians, but many respondents also express serious concerns about the effect inflation could have on their financial future. If inflation continues into 2024, almost three-quarters (72%) of those with debt are worried about taking on more debt and the majority are concerned they won't have enough money to cover unexpected costs (67%) or ongoing expenses (62%).  

The poll shows 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.