"Financially paralyzed": Half of Canadians living bill-to-bill, poll finds

[shockedcanadian]

The rent in Canada exploded and the government never cared.

Trump please save some of us, the amount of abuses in our system from the S.I.C on out has destroyed this country. He needs to pass an E.O restricting all U.S police cooperation with Canadian police to a very small and distinct set of reasons such as financial crime, murder, terrorism etc.

As I've predicted for many, many years, Canada, lead by Ontario; will become insolvent. Our best and smartest citizens wisely left for America long ago.

More than half of Canadians are 'financially paralyzed' RBC poll reveals

Millions are in financial situations that they cannot move forward from

www.wealthprofessional.ca

The state of Canadians’ personal finances are starkly highlighted in a new report from RBC which shows that more than half are stuck in financial situations that they feel unable to exit, especially given the rising cost of living.
Among the 55% of respondents who described themselves as ‘financially paralyzed’ the poll found that 48% say they cannot continue to maintain their standard of living, and one in three say their finances are constantly in chaos.
These responses are more prevalent among Millennials although Gen Xers are close behind. Boomers’ finances are generally in a better state but 46% of 61-70-year-olds say they are financially paralyzed and 16% say their finances are in constant chaos.



Six in ten across all age groups are worried they don't have enough money to cover unexpected expenses today, with 44% saying this is their biggest financial risk over the next year.

The winter edition of the RBC Financial Flexibility Poll also reveals that around half of those who took part have no confidence that they will ever be able to move forward from the poor financial situation they are currently in.

A similar share say that their day-to-day financial challenges make it hard to consider a way out of their financial situation, 44% say running out of money is a matter of ‘when’ rather than ‘if’ and 18% believe their finances are already ‘over the edge’.

"As financial flexibility continues to erode, it's not surprising to hear that Canadians are feeling anxious and uncertain about what steps they can take to try to find their footing again," said Craig Bannon, director, Regional Financial Planning Support, RBC. "If this was a medical health issue, you would seek out the expertise of a medical professional. We're advising Canadians to use the same approach for their financial health and lean into the expertise of an advisor."

The survey found that half of respondents are spending all of their income on essential expenses and bills, leaving no disposable income for retirement savings or building up an emergency buffer. In fact, 47% admit they have dipped into retirement or emergency funds to cope with rising costs, while taking on debt or asking friends/family for help is reported by a quarter of poll participants.

 

[Cassandro]

Trump please save some of us, the amount of abuses in our system from the S.I.C on out has destroyed this country. He needs to pass an E.O restricting all U.S police cooperation with Canadian police to a very small and distinct set of reasons such as financial crime, murder, terrorism etc.

Is the Canadian system fixable from the inside?

 

[TroglocratsRdumb]

I have always thought that Canada had a good standard of living.

Canada sees ‘unprecedented rise’ in child poverty rates. Here’s …​

Nov 20, 2024 · Key Findings from the 2024 National Report Card, Ending Child Poverty: The Time Is Now: • Nearly 1.4 million children live in poverty in Canada, or roughly 1 in 5 children. • From …

 

[shockedcanadian]

Is the Canadian system fixable from the inside?

No way in hell unless the government took the heaviest hammer possible to not just freeze but roll back substantially the cost of rent. It would require THAT type of government intervention and I guarantee you that it would be most welcome. Home ownership will remain difficult however due to massive property taxes.

As an example, I live in a modest home in a modest city. I watched a show of U.S homebuyers and they calculated the property taxes for homes there that were $1.5-$2M and I was paying MORE for my property taxes than they were.

It's criminal the way all levels of government are unaccountable and unconcerned. "We will take and spend as we please". While the covert Stasi enforce the caste system and ensure that no talent born poor can excel.

Canada is going in one direction, I warned the country about this outcome since 2005, all it did is give them further excuses to destroy me.

 

[Foxfyre]

The rent in Canada exploded and the government never cared.

Trump please save some of us, the amount of abuses in our system from the S.I.C on out has destroyed this country. He needs to pass an E.O restricting all U.S police cooperation with Canadian police to a very small and distinct set of reasons such as financial crime, murder, terrorism etc.

As I've predicted for many, many years, Canada, lead by Ontario; will become insolvent. Our best and smartest citizens wisely left for America long ago.

More than half of Canadians are 'financially paralyzed' RBC poll reveals

Millions are in financial situations that they cannot move forward from

www.wealthprofessional.ca

The state of Canadians’ personal finances are starkly highlighted in a new report from RBC which shows that more than half are stuck in financial situations that they feel unable to exit, especially given the rising cost of living.
Among the 55% of respondents who described themselves as ‘financially paralyzed’ the poll found that 48% say they cannot continue to maintain their standard of living, and one in three say their finances are constantly in chaos.
These responses are more prevalent among Millennials although Gen Xers are close behind. Boomers’ finances are generally in a better state but 46% of 61-70-year-olds say they are financially paralyzed and 16% say their finances are in constant chaos.



Six in ten across all age groups are worried they don't have enough money to cover unexpected expenses today, with 44% saying this is their biggest financial risk over the next year.

The winter edition of the RBC Financial Flexibility Poll also reveals that around half of those who took part have no confidence that they will ever be able to move forward from the poor financial situation they are currently in.

A similar share say that their day-to-day financial challenges make it hard to consider a way out of their financial situation, 44% say running out of money is a matter of ‘when’ rather than ‘if’ and 18% believe their finances are already ‘over the edge’.

"As financial flexibility continues to erode, it's not surprising to hear that Canadians are feeling anxious and uncertain about what steps they can take to try to find their footing again," said Craig Bannon, director, Regional Financial Planning Support, RBC. "If this was a medical health issue, you would seek out the expertise of a medical professional. We're advising Canadians to use the same approach for their financial health and lean into the expertise of an advisor."

The survey found that half of respondents are spending all of their income on essential expenses and bills, leaving no disposable income for retirement savings or building up an emergency buffer. In fact, 47% admit they have dipped into retirement or emergency funds to cope with rising costs, while taking on debt or asking friends/family for help is reported by a quarter of poll participants.

Trump cannot save Canada any more than he can save America. All he can do is what he can do to eject the destructive deep state that has controlled things for far too long and restore our government to be the intended government for, of and by the people with a Constitution that recognizes and protects their unalienable rights.

That will right the ship and restore a strong, free, secure prosperous America with liberty, choices, options, opportunity for all. And Americans doing good things will then save America.

If there are not enough common sense Americans who love this country and who have his back and do what they can to help in that process, he will fail.

Common sense Canadians who love your country must also unite behind a common cause to restore the Canada that was so great before a destructive left got control of it. That destructive left has to be neutralized and ejected and common sense leaders who love Canada and Canadians put back in control.

 

[Cassandro]

No way in hell unless the government took the heaviest hammer possible to not just freeze but roll back substantially the cost of rent. It would require THAT type of government intervention and I guarantee you that it would be most welcome.

But is that even possible with your parliamentary system? Even if most Canadians wake up, Quebecers will continue to extort special privileges in return for not splitting up the country.

 

[shockedcanadian]

Trump cannot save Canada any more than he can save America. All he can do is what he can do to eject the destructive deep state that has controlled things for far too long and restore our government to be the intended government for, of and by the people with a Constitution that recognizes and protects their unalienable rights.

That will right the ship and restore a strong, free, secure prosperous America with liberty, choices, options, opportunity for all.

If there are not enough common sense Americans who love this country and who have his back and do what they can to help in that process, he will fail.

Common sense Canadians who love your country must also unite behind a common cause to restore the Canada that was so great before a destructive left got control of it. That destructive left has to be neutralized and ejected and common sense leaders who love Canada and Canadians put back in control.

The destruction in Canada in baked in, left and right believe in one truth "centralized control and a covert police state from the cradle to the grave".

There are no Rand Pauls, Rubios, civil libertarians or agencies fighting for a meritocracy, due process and accountable government.

In short, as I predicted 20 years ago since we didn't change course, our fate will be that of the former East Germany. The Toronto Police are just one of many agencies responsible for this assured collapse.

 

[Concerned American]

Among the 55% of respondents who described themselves as ‘financially paralyzed’ the poll found that 48% say they cannot continue to maintain their standard of living, and one in three say their finances are constantly in chaos.

Once a person gets into dire financial straits, there is NO EASY WAY OUT. It takes sacrifice and discipline to regain that independence. That means a lower standard of living until the debts are caught up. That is a hard lesson to learn, but most people who navigate it successfully will never be in the hand-to-mouth situation again.

 

[AyeCantSeeYou]

Sounds like Canada has more in common with the USA than I previously thought.

 

[Foxfyre]

Once a person gets into dire financial straits, there is NO EASY WAY OUT. It takes sacrifice and discipline to regain that independence. That means a lower standard of living until the debts are caught up. That is a hard lesson to learn, but most people who navigate it successfully will never be in the hand-to-mouth situation again.

This is true, but good government definitely helps people do that navigation successfully and bad government makes it infinitely more difficult if possible at all.

 

[Concerned American]

Trump cannot save Canada any more than he can save America. All he can do is what he can do to eject the destructive deep state that has controlled things for far too long and restore our government to be the intended government for, of and by the people with a Constitution that recognizes and protects their unalienable rights.

That will right the ship and restore a strong, free, secure prosperous America with liberty, choices, options, opportunity for all. And Americans doing good things will then save America.

If there are not enough common sense Americans who love this country and who have his back and do what they can to help in that process, he will fail.

Common sense Canadians who love your country must also unite behind a common cause to restore the Canada that was so great before a destructive left got control of it. That destructive left has to be neutralized and ejected and common sense leaders who love Canada and Canadians put back in control.

People who find themselves in a hole need to quit digging. They shouldn't expect government action to bail them out. Financial independence can only be accomplished by their own smart practices. If rents are too high, room mates need to be looked at. For families, everyone has to pitch in. These are tough pills to swallow, but folks who experienced similar situations have survived and the wisest among the current bunch will as well.

 

[Foxfyre]

The destruction in Canada in baked in, left and right believe in one truth "centralized control and a covert police state from the cradle to the grave".

There are no Rand Pauls, Rubios, civil libertarians or agencies fighting for a meritocracy, due process and accountable government.

In short, as I predicted 20 years ago since we didn't change course, our fate will be that of the former East Germany. The Toronto Police are just one of many agencies responsible for this assured collapse.

As President Trump recently said, "Nothing is impossible if it is important enough to do. But it includes risking temporary failure, the embarrassment of making mistakes, and it requires courage, determination, and stamina to try and try again.

Thomas Edison is famously quoted in his determination to invent a working electric light bulb: "I have not failed. I've just found 10,000 ways that won't work."

That is one of President Trump's greatest strengths, i.e. the willingness to try different things until something works. Most professional politicians will make one attempt and, if they fail, they put it on the shelf forever with the dismissal: "Well we tried." Or they don't even try because "It can't be done" or "We don't know how to do it."

Canada needs to get rid of Trudeau and elect a Trump.

 

[that's not a macchiato]

59% Of Americans Don't Have Enough Savings For A $1,000 Emergency: Report

 

[Concerned American]

This is true, but good government definitely helps people do that navigation successfully and bad government makes it infinitely more difficult if possible at all.

The government doesn't make a person's financial decisions. Those have to be made at home. People cannot continually live beyond their means. That means beater cars instead of a new one every three years. Cut rate clothes, no Sunday ticket television, etc. It is amazing that once out of debt, a person will learn to save and buy without paying that extra 14-26% interest forever. Don't get me wrong, debt has a time and place, but it has to be carefully used and government will screw it up if you depend on them. They can't even keep their own financial houses in order. If someone in debt depends on the government to save them, they are doomed.

 

[shockedcanadian]

The government doesn't make a person's financial decisions. Those have to be made at home. People cannot continually live beyond their means. That means beater cars instead of a new one every three years. Cut rate clothes, no Sunday ticket television, etc. It is amazing that once out of debt, a person will learn to save and buy without paying that extra 14-26% interest forever. Don't get me wrong, debt has a time and place, but it has to be carefully used and government will screw it up if you depend on them. They can't even keep their own financial houses in order. If someone in debt depends on the government to save them, they are doomed.

You don't understand the costs of basic needs, roof over head, processed food (cant even eat healthy), the highest banking and telecom costs in the world such as mobile and internet, excessive taxes due to bloated government unions, especially police as there are more cops making over $100k a year in Ontario than in ANY other field.

The police state will collapse, as I predicted.

 

[shockedcanadian]

You don't understand the costs of basic needs, roof over head, processed food (cant even eat healthy), the highest banking and telecom costs in the world such as mobile and internet, excessive taxes due to bloated government unions, especially police as there are more cops making over $100k a year in Ontario than in ANY other field.

The police state will collapse, as I predicted.

You say this isn;t true, let's see.

I predicted this outcome a long time ago. I didn't want it to occur but it was clear it would, we were able to hide how we operate after NAFTA was signed, but the internet changed this as did China once we agreed with the U.S to let China fly. Poor decision making.

No one can blame me, I tried to be a contributor to Canadas success and I was destroyed at a young age.

 

[Concerned American]

You don't understand the costs of basic needs, roof over head, processed food (cant even eat healthy), the highest banking and telecom costs in the world such as mobile and internet, excessive taxes due to bloated government unions, especially police as there are more cops making over $100k a year in Ontario than in ANY other field.

The police state will collapse, as I predicted.

I have navigated the whole debt disaster waters before. The government can't do it for you. If you can't afford expensive processed foods, don't buy them. Internet? LMAO, it is not a necessity. Any need can be answered at your local library. As far as mobile communication goes--another laugh. Cell phones are another unnecessary expense. Housing is necessary but if the costs are too high, investigate alternatives to living by yourself and split costs. There are solutions to all of it. You just have to take the bull by the horns and get yourself out.

 

[Foxfyre]

The government doesn't make a person's financial decisions. Those have to be made at home. People cannot continually live beyond their means. That means beater cars instead of a new one every three years. Cut rate clothes, no Sunday ticket television, etc. It is amazing that once out of debt, a person will learn to save and buy without paying that extra 14-26% interest forever. Don't get me wrong, debt has a time and place, but it has to be carefully used and government will screw it up if you depend on them. They can't even keep their own financial houses in order. If someone in debt depends on the government to save them, they are doomed.

I agree. Prosperity is mostly the responsibility of the citizen UNLESS government so clamps down on the choices, options, opportunities of the citizens to make honorable prosperity beyond the reasonable ability of most.

That was the case in the Great Depression. When there are literally no jobs, working for wages is not an option. Entrepreneurship is the answer there of course, but when the people have no money and/or the person is not blessed with the aptitude, that too becomes out of reach for many.

FDR did welfare right in creating opportunities for the unemployed to keep their dignity by working for wages but erred when it was mostly just make work instead of making products and services that would be of use to the general public. That meant it had little positive lasting effect.

And his price and wage policies that constituted controls instead of producing affordable useful goods and services prolonged the Depression by many years.

It is the private sector inventing, improving, developing, manufacturing, providing affordable goods and services that people are willing to pay for that drives a robust economy.

But bad government policy, and especially a government that spends a lot more than it has on things that in no way improve the opportunity or quality of life for the citizens,can make an economy a lot less robust. And especially when it doubles down by taking more and more resources from the citizens to cover some of the debt it accumulates.

FDR's policies prolonged Depression by 7 years, UCLA economists calculate

Two UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years, and they blame a suspect previously thought to be beyond reproach: President Franklin D. Roosevelt. After scrutinizing Roosevelt's record for four years, Harold L. Cole and Lee E. Ohanian...

www.historynewsnetwork.org

 

[Sparker]

Instead of addressing the reasons why Canada had a falling birthrate and aging population, it threw the doors open to immigration. Now it's decades deeper into the hole it dug for itself. It will...eventually...get out of the hole.

 

[DGS49]

The basic problem of going from renting to owning has been going on for generations, and in the geographical regions where people want to live - no surprise - it is worst.

In the late '60's my brother in Los Angeles asked my dad for help with a down payment on his first house, and my dad declined because he said he didn't want to put himself in a position where all five of us would be coming to him for similar help; he simply did not have that much to spread around (he was living in my house at the time, which he did until he died in 1991).

Two years later, the house that my brother was looking at had increased in value by 50%, and he was even further away from that elusive down payment.

Economists tell us that the explosion in rental costs is simply a matter of supply and demand. In places like San Francisco, local "green space" requirements and zoning restrictions - as well as geographical limits - severely constrain the creation of new rental units, so that rents skyrocket. Rent stabilization laws cause landlords to scale back on property maintenance, creating shit-hole apartments that are featured in newsreels from time to time.

The best the government can do for rents is to get the hell out of the way of utilizing existing space and new development. In Pittsburgh, where I live, the City owns thousands of vacant properties that could be bought, renovated, and brought back on to the tax roles EASILY, but regulations, zoning restrictions, and an entrenched bureaucracy keeps them vacant and deteriorating. Any new apartment buildings have to have a significant percentage of "affordable" units, a requirement that scares away any rational developers, and limits activity to those who are willing to play the various games and exploit all the available give-aways. Hence, new housing developments are extremely rare as complaints about high rents proliferate.