Nearly half of Canadians say market turbulence threatens their savings goals, new poll shows
Canadians estimate they need approximately $846,437 to achieve financial independence but remain concerned about market volatility, according to the 2025 RBC Financial Independence Poll.
The survey also found higher targets in Alberta ($928,179), Saskatchewan/Manitoba ($958,535), and Ontario ($916,714).
Millennials and Generation X respondents projected even higher amounts at $945,748 and $1,128,990, respectively.
The poll showed that 49 percent of Canadians invested in 2024, including 49 percent of Generation X and 46 percent of Millennials.
However, nearly half (48 percent) cited market volatility and investment performance as their primary concerns. Among Millennials, 54 percent expressed this worry, while 46 percent of Generation X shared similar concerns.
RBC’s director of regional financial planning support, Craig Bannon, noted that investors are navigating uncertainty.
Bannon said investors have many questions amid the current uncertainty, and while clear answers can be difficult to provide, advisors have decades of experience guiding clients through market fluctuations.
He added, “one thing remains constant: the value of having – and sticking to – a good financial plan with a long-term approach, to help get through any periods of turmoil.”
The survey also found that 51 percent of Canadians have a financial plan, either formal or informal.
Among Millennials, 50 percent reported having a plan, while 44 percent of Generation X did the same.
Respondents with a plan described feeling 'confident' (42 percent of Millennials and 38 percent of Generation X) and 'reassured' (30 percent and 35 percent, respectively).
Bannon emphasized the role of financial planning in maintaining stability.
“It's hard to put a value on the confidence and reassurance that financial plans are bringing to Canadians right now – especially when those plans are supported by the expertise of an advisor,” he said.
A financial plan provides an investment strategy, and advisors can help investors stay on track while addressing concerns related to market fluctuations.
The poll also highlighted that some investors have yet to deploy available funds, including deposits made to RRSP and TFSA accounts.
Bannon stated that waiting for the perfect moment to invest could mean missing potential opportunities.
“If you have money that is sitting on the sidelines, waiting for the ideal moment to invest, you could be missing out on opportunities to get the growth you're hoping for,” he said.
He added that time in the market, rather than timing the market, is a key factor in long-term financial growth.
