More than half of millennials don’t feel financially secure: RBC poll

A new study finds millennials are having a hard time saving for retirement – as they struggle with daily costs of living.

A new poll is shedding light on how millennials feel about their financial future.

The 2026 RBC Financial Independence Poll, released Tuesday, shows 59 per cent of millennials do not feel financially secure and 40 per cent 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, in a news release.

The survey also found 57 per cent of millennial respondents have little to no money left over after paying monthly bills. When looking at all adults, 46 per cent were in the same position.

Around 65 per cent of millennials said they are worried about trying to save for the future while paying today’s bills.

“It can be overwhelming when you’re trying to cover monthly expenses, pay down debt, and invest for the future,” said Wright.

While nearly half have a financial plan, it’s not on paper. Of those who have a plan, 33 per cent described it as being “in their head” rather than formally documented.

The RBC poll found many avoid working with financial professionals due to fearing judgement, worrying their finances are not in good shape, not knowing where to start and believing financial advisors are “only for rich people.”

Despite future planning being up the air for many millennials, the poll showed they still do have investment goals, including retiring comfortably, achieving financial independence and building wealth. Only 22 per cent of millennials used a professional for financial advice in the past 12 months, compared to 32 per cent of all adults.

The findings from the poll are from a survey commissioned by RBC and conducted by Ipsos of 2,000 Canadian adults.