Surveys expose how Canadians scramble to cover emergencies, talk money with kids, dodge scams
Canadians are grappling with significant financial strain, according to recent polling data.
Multiple RBC surveys this year reveal anxiety touching nearly every aspect of household finances—from day-to-day expenses to conversations about money with children, fraud concerns, and spending pressures during major shopping events.
Household Finances Strained by Essential Costs
A substantial portion of Canadians struggle to manage their finances effectively.
According to the RBC 2025 Financial Flexibility Poll, 60 percent lack enough money to cover unexpected expenses, while 50 percent spend all their income on essential bills and expenses.
The strain extends further, with 48 percent reporting they can no longer maintain their standard of living.
Parents Hesitate on Money Conversations
Canadian parents face challenges discussing finances with their children, despite recognizing its importance.
The RBC Talking Money with Our Kids Poll found that 59 percent don't feel fully confident approaching these conversations.
Additionally, 57 percent delay having these talks until key life moments arise or until their children initiate the discussion—with 36 percent waiting for key life moments and 21 percent waiting for their children to raise the topic.
A significant gap also exists in resource awareness.
The poll revealed that 43 percent of parents don't know what resources are available or aren't using any to help their children prepare for financial independence.
Lucianna Adragna, RBC's vice president of Client Segments in Everyday Banking, encouraged parents to start early.
She said, "Parents don't need to be experts. They just need to lean into trusted resources to give themselves a starting point, and the confidence, to get these conversations underway."
She added that it is important to begin talking about money early and often, so it becomes a comfortable topic at any time.
Fraud Concerns Leave Canadians Exhausted
Fraud anxiety weighs heavily on Canadian minds.
The RBC 2025 Fraud Prevention Month Poll showed that 86 percent say it's getting harder to recognize scams and protect themselves.
The psychological toll manifests in fraud fatigue, with 65 percent tired of constantly being on alert.
More concerning, 33 percent admit they're becoming vulnerable to scams, acknowledging they "let my guard down."
Geoffrey Morton, RBC's Senior Director of Digital Fraud Strategy, highlighted the challenge Canadians face. "It is so important to stay vigilant, educated and talk to friends and family about how to stay safe from scams."
Small Business Owners Navigate Adversity Through Adaptation
Small business owners demonstrate resilience amid ongoing challenges.
The RBC 2025 Small Business Poll revealed that 61 percent have pivoted their business strategy in the past year, while 51 percent made significant changes to their business model to remain competitive.
A notable 43 percent view risk-taking as essential to long-term success.
Back-to-School Shopping Strains Family Finances
Seasonal shopping events create financial pressure for families with children.
The Mydoh 2025 Back to School survey found that 81 percent of parents experienced stress during the back-to-school shopping experience.
The survey also revealed that 60 percent noted their kids forgot about financial realities once they entered a store, while 40 percent overspent because they didn't want to disappoint their children.
Angelique de Montbrun, CEO of Mydoh, said, "Moments of significant spending such as the back-to-school season or holiday shopping often become financial pressure points for families."
She added that these times also offer an opportunity to teach money management skills.
