The Big Squeeze: RBC poll finds majority of Millennials caught between covering monthly costs and trying to save and invest for their future

• Key poll highlights:
• 64% of Millennials are anxious about their financial future as monthly costs squeeze budgets
• 57% are concerned about their current cashflow
• ~ $1 million: The savings goal for Millennials to achieve financial independence
• ~ One-tenth of $1 million: The amount Millennials have managed to save so far

TORONTO, Feb. 24, 2026 /CNW/ - A majority (64%) of Millennials are anxious about what the future holds for their finances, with over half (57%) reporting they have little or no money left over after they pay monthly bills, according to the 35^th annual RBC Financial Independence Poll.

Other financial concerns identified by Millennials reflect they are among the hardest hit by the current economic realities:

“At a time when Millennials need their money to work as hard as they do, a comprehensive financial plan can help bring clarity to competing financial demands and create a more confident path forward.” ~ Jodi Wright, Senior Director and Head, RBC Financial Planning (CNW Group/RBC Royal Bank)

• 59% don't feel financially secure
• 45% have dipped into their savings to keep themselves afloat over the past year
• 44% feel financially squeezed
• 40% are concerned they will never pay off their debts

"Today's lack of affordability is a crucial challenge for Millennials at a time when they need their money to be working as hard as they are," said Jodi Wright, Senior Director and Head, RBC Financial Planning. "It can be overwhelming when you're trying to cover monthly expenses, pay down debt, and invest for the future."

This is where financial advice professionals come in, Wright added. "Financial Planners can help bring clarity to competing financial demands, prioritize your goals and create a clear roadmap to transform your aspirations into steps you can act on, with realistic timelines. The financial plan they create with you can also help reduce any stress by giving you a sense of control, helping you confidently build the future you have in mind."

Millennials and financial planning: "I don't know where to start"
Poll findings indicated that less than half (48%) of Millennials have a financial plan and of those, one-third (33%) described their plan as being in their head, rather than more formally created. In addition, while over half of Millennials (55%) are finding it difficult to navigate the complexities of their financial situation alone, less than one quarter (22%) have used a professional for financial advice over the past 12 months.

Reasons why a majority of Millennials aren't working with financial advice professionals were evident in some of their poll responses, including:

• "I don't feel I know enough and don't want to be judged" (44%)
• "I'm worried about finding my finances aren't in the best shape" (43%)
• "I don't know where to start with financial planning" (40%)
• "Financial advisors are just for the rich" (40%)

While retiring comfortably (52%), achieving financial independence (41%) and building wealth (41%) are among the top investing goals of Millennials, four-in-ten (43%) don't hold any investments. Two of the key reasons why: they worry that they might make poor investment choices (56%) and they lack confidence in their investing knowledge (44%).

"You don't need to have all the answers – that's what our Financial Planners are here for," Wright explained. "We help you strike the right balance between living well today and preparing wisely for tomorrow. And you don't need millions of dollars to start planning and investing. The real value of a plan is the clarity, momentum and direction it provides."

RBC and investing: Performance and advice matter
"When it comes to achieving your goals, performance and advice matter," Wright added. "RBC can help you get closer to your goals with the right support and a track record you can feel good about. You can invest with advice or call your own shots – whatever works for you."

For more details about what RBC provides to help you grow your money, including time-limited offers, check out www.rbcroyalbank.com/investments/.

Selected Findings: 2026 RBC Financial Independence Poll
Millennials & All Generations

RESPONSE	MILLENNIALS  (Born between 1981  to 1996)	ALL  GENERATIONS  (Aged 18+)
Amount of savings needed for financial independence	$999K	$813K
Amount saved so far for financial independence	$126K	$290K
I'm worried about trying to save for the future while paying today's bills	65 %	52 %
I don't feel financially secure	59 %	46 %
I have little/no money left over after paying monthly bills	57 %	46 %
I fear I'll make poor investment choices	56 %	48 %
I'm finding it difficult to navigate the complexities of my financial situation alone	55 %	44 %
Investing goal: Retire comfortably Investing goal: Achieve financial independence Investing goal: Build wealth	52% 41% 41%	51% 40% 38%
I have a financial plan… •   "In my head."	48% 33%	51% 26%
Have dipped into savings in 2025 to stay afloat	45 %	37 %
Feel financially squeezed	46 %	36 %
Don't feel confident about their investing knowledge	44 %	38 %
Don't hold any investments	43 %	37 %
Willing to pay fees if that brings the opportunity to earn better returns on their investments	42 %	42 %
Won't ever pay off debts	40 %		30 %
Have used a professional for financial advice over the past 12 months	22 %		32 %
Reasons why a majority of Millennials aren't working with financial advice professionals:
•   "I don't know enough and don't want to be judged."	44 %	34 %
•   "I worry about finding my finances aren't in best shape."	43 %	33 %
•   "I don't know where to start with financial planning."	40 %	32 %
•   "I think financial advisors are just for the rich."	40 %	32 %

FAQs – 2026 RBC Financial Independence Poll

Why are Millennials feeling financially anxious?

• Millennials face high living costs, debt burdens, and difficulty saving for the future. The 35th annual RBC Financial Independence Poll found that 64% report anxiety about their financial future, and 57% have little to no money left after paying monthly bills.

How much do Millennials think they need to save to achieve financial independence?

• On average, Millennials believe they need approximately $1 million to achieve financial independence. However, most have saved only about one-tenth of that amount so far.

Do Millennials have financial plans?

• Less than half (48%) of Millennials have a financial plan. Of those who do, one-third (33%) describe it as being "in their head" rather than formally documented.

Why aren't more Millennials working with financial advice professionals?

• Key barriers include: feeling they don't know enough and fear judgment (44%); worrying that their finances aren't in good shape (43%); not knowing where to start with financial planning (40%); and believing financial advisors are only for rich people (40%).

What are the top investing goals for Millennials?

• Top investing goals include: retiring comfortably (52%); achieving financial independence (41%); and building wealth (41%). However, 43% don't currently hold any investments.

Why aren't more Millennials investing?

• Two key reasons: they are worried about making poor investment choices (56%); and lack of confidence in their investing knowledge (44%).

How can Financial Planners help?

• Financial Planners help clarify goals, create actionable roadmaps, and develop investment strategies. You don't need millions of dollars to start planning – the point is to create clarity, momentum, and a clear path of action.

Where can I learn more about RBC's investment services?

• Visit www.rbcroyalbank.com/investments/ for details about RBC's investment services, including time-limited offers and resources for getting started.

About the 35^th annual RBC Financial Independence Poll
These findings are from a survey commissioned by RBC and conducted by Ipsos. Data was collected through an online quantitative research survey among a leading Canadian panel of 2,000 English and French speaking Canadians aged 18+ between November 5 to 17, 2025.

Disclaimer
RBC Financial Planning is a business name used by Royal Mutual Funds Inc. (RMFI). Financial planning services and investment advice are provided by RMFI. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.

About RBC
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Media contact:
Kathy Bevan, RBC Corporate Communications, 647-618-2287

SOURCE RBC Royal Bank