‘Financially paralyzed’: Half of Canadians living bill-to-bill, poll finds

More than fractional of Canadians are feeling “financially paralyzed” amid the surging outgo of living, according to a caller poll.

Fifty-five per cent of Canadians utilized that connection to picture their finances, according to the survey commissioned by the Royal Bank of Canada (RBC).

Nearly fractional (48 per cent) added they could nary longer spend to support their modular of living, portion astir a 3rd (29 per cent) said their finances were successful a changeless authorities of chaos.

“It’s having to marque decisions: which measure americium I going to wage next? Am I going to inquire my household for wealth perhaps, oregon determination successful with relatives?” said Craig Bannon, manager of determination fiscal readying enactment at  RBC.

“It’s the challenges that are coming with conscionable being capable to conscionable the regular monthly costs of living. And past those choices to make, americium I going to propulsion from savings if I person savings, americium I going into debt?”

The gloomy economical outlook didn’t extremity there.

Half of respondents said each of their income was going to screen indispensable bills and expenses, with a akin fig (47 per cent) saying they were surviving “bill to bill”, and had dipped into exigency oregon status savings to screen their costs.

Forty-eight per cent of respondents said they don’t deliberation they’ll ever beryllium capable to get up financially, portion a akin fig (47 per cent) said struggling to woody with their day-to-day expenses made reasoning astir their fiscal aboriginal hard.

More than a 4th (27 per cent) said they’d taken connected indebtedness to screen monthly basal needs, portion astir 1 successful 5 (18 per cent) said they were “already implicit the edge” financially.

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A important bulk of respondents, 60 per cent, feared they didn’t person capable wealth to screen unexpected costs oregon emergencies.

Bannon said portion the results uncover important anxiety, helium said Canadians don’t request to consciousness powerless and tin get assistance with their finances.

“If this was a aesculapian wellness issue, you would question retired the expertise of a aesculapian professional,” helium said.

“We’re advising Canadians to usage the aforesaid attack for their fiscal wellness and thin into the expertise of an adviser.”

The canvass was conducted betwixt Nov. 1 and Nov. 5, 2024, among a typical illustration of 1,515 big Canadians who are members of the online Angus Reid Forum. For examination purposes only, a illustration of this size would output a borderline of mistake of ± 2.5 percent points astatine a 95% assurance level.