A pair of surveys conducted by different financial institutions in Canada paint a picture of clients who are strapped by competing financial priorities.

According to a survey conducted by RBC Royal Bank, 55 per cent of respondents describe themselves as being financially paralyzed; 48 per cent report that they can no longer maintain their current standard of living and 29 per cent admit their finances are in a constant state of chaos.

Another survey from IG Wealth Management, the firm’s 2025 Retirement Study, also found rising costs, competing priorities and debt repayment are all challenging Canadians’ ability to save for retirement. According to this survey, 17 per cent envision working part time in retirement. A notable 80 per cent say the rising cost of living is making it difficult to save for retirement. Of those surveyed, 56 per cent said they have put off saving altogether due to rising financial pressures.

“On average, non-retired Canadians allocate 12 per cent of their income for retirement but spend 67 per cent on basic living expenses and 20 per cent on leisure activities,” the firm states. The RBC poll, meanwhile, says half are spending all of their income on essential bills and expenses, 47 per cent have dipped into their emergency savings to help cope with rising costs and 27 per cent are taking on debt to cover monthly basic needs. In addition, the RBC survey found 60 per cent were worried they don’t have enough money to cover unexpected expenses; 44 per cent say this is the biggest financial risk they take.

Both institutions recommend financial advice as an antidote to the stressors identified.

“Everyone has a different perception of what their retirement is going to look like,” Christine Van Cauwenberghe, head of financial planning with IG Wealth Management told the Insurance Portal. Rising costs are an issue. Inflation is real. Debt repayment challenges are an issue,” she adds. “But if you don’t have data and you’re just guessing, it becomes very difficult and it’s hard to have financial confidence.” 

For advisors, she recommends being aligned with the right type of technology. This, she says, combined with professional human insight, is what’s needed to help clients find a balanced approach and a reasonable path forward.

“Have a clear understanding of what your client’s goals and concerns are. I wouldn’t focus on trying to help them save a specific amount of money or achieve a specific return. Make sure you have a clear understanding of what their goals are and work backwards,” Van Cauwenberghe says. “Help them understand how much they’re able to spend now. They’ll be very appreciative.”