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 35th annual RBC Financial Independence Poll.
Other financial concerns identified by Millennials reflect they are among the hardest hit by the current economic realities, according to RBC:
- 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
Jodi Wright
“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.”
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%).
Selected Findings: 2026 RBC Financial Independence Poll
Millennials & All Generations
RESPONSE | MILLENNIALS | ALL | |
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 % | |
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Entrepreneur. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024, 2025 and 2026.
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