An RBC Emergency Readiness Poll reveals that 42% of Canadians feel one major unexpected expense could derail their finances, with 32% lacking an emergency fund entirely. The high cost of living is cited by 76% as the main barrier to saving, and 52% worry they have not saved enough for emergencies. Among those with household incomes under $100,000, 38% have no emergency fund, while 44% of all respondents faced emergency costs in the past year. Erica Nielsen, Group Head of RBC Personal Banking, emphasized that even small, regular contributions to a dedicated savings account can help build financial breathing room.
Royal Bank of CanadaPoll shows 42% of Canadians feel financially vulnerable, which may reduce demand for RBC's banking products and services.
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