Canadians believe that savings average $846,000 can achieve economic independence, but almost half are concerned about market volatility.
Ontario residents say they need a savings of $917,000, with the Atlantic Canada at $851,000 and Quebec in $617,000, with the Atlantic Canada at $617,000. British Colombians expect to save $878,000, while Alberta residents say they need $928,000.
Respondents in Saskatchewan and Manitoba say most of all regions need $959,000.
The study defines financial independence as “having enough financial resources to cover your own living expenses without relying on your occupation to maintain your current lifestyle or earning jobs.”
To achieve economic independence, 49% of Canadians say they have investments, while 51% say they have financial plans. The survey found that 55% of millennials (28-43) feel they can achieve economic independence in their lifetime, with 53% following Boomer (60-78) and X (44-59) followed by X (44-59) at 48%.
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When asked about current investments, mutual funds were the most common among age demographics at 24%. GICS/term deposits (21%) and stocks (20%) were closely tied, followed by pension plans (16%), exchange funds (10%) and cryptocurrency (5%).
Millennials found to have an investment of 46% at 46%, but not far from Gen X at 49%. Boomer invested the most at 52%.
Almost half of Canadians agreed that they were concerned about the performance of market-bound investments.
Young people have been particularly emphasized about their finances, according to the survey, Canadians ages 18 to 24 say they have a lot of anxiety about making the wrong decisions with my money.
“This anxiety decreases with age, with only a third of respondents over 65 expressing the same concern,” the survey said.
The RBC’s financial independence vote was conducted in October 2024 through online interviews with 2,000 Canadians over the age of 18. Ipsos released its survey results on March 19th.
