A pair of surveys together may provide some insight into what your clients are thinking and feeling these days about retirement, or most specifically financial independence, and about their past money failures.
In the first survey by Ipsos on behalf of RBC, 2,000 clients surveyed in October 2024 told researchers they believe they need $846,000, on average, to be financially independent.
The 34th annual RBC Financial Independence poll found that 48 per cent are worried about market volatility and its impact on market-tied investments. Millennials, 54 per cent of them, were most likely to feel this stress, followed by 46 per cent of Gen X and 43 per cent of Boomer survey respondents.
“Some believe they need more than others,” Ipsos states in an announcement about the research. “Gen X leads the way with an average of $1.13-million, well ahead of the anticipated needs of both Millennials (who say they need $946,000 to achieve financial independence) and Boomers (who need $778,000),” they state. Financial independence in this survey is defined as having sufficient resources to cover living expenses without having to depend on active employment to maintain their current lifestyle.
Over at Money.ca, meanwhile, that publication is examining how Canadians handle financial regrets and money setbacks. They say when it comes to financial setbacks, Gen Z and older Canadians handle recovery in very different ways.
“Younger individuals are more likely to consult with trusted family and friends (42 per cent) to navigate difficult financial situations,” they write in the note, Canadians' biggest financial regret: How past mistakes affect life milestones. “In contrast, Millennials (ages 30 to 44) are more likely to adjust their budgets or financial strategies to recover (52.4 per cent of respondents said this). This difference suggests that younger adults value social support in overcoming financial challenges while older adults lean towards self-reliance,” they write.
When asked how their past financial choices are affecting them today, 46.4 per cent said they struggle to build savings. “If you ask Canadians about their biggest financial regret, most won’t mention a bad investment or a missed opportunity – they’ll say they didn’t save enough,” the article’s authors write. “When asked about past financial mistakes, a staggering 44.9 per cent of respondents cited not building their savings as their biggest regret.”
When it comes to recovering from past money mistakes, they also say men and women approach things differently. Women are more likely to cut spending and seek expert advice, while men believe that adjusting their investment strategies is the more apt approach. The study is based on 1,000 survey responses obtained in January 2025.
