Fraud fatigue, emergency funds, and generational wealth gaps reshape planning priorities
Financial strain in Canada extends far beyond monthly budgets.
Canadians struggle simultaneously with emergency preparedness, fraud vigilance, generational wealth communication, business adaptation, and family spending discipline.
Five separate RBC surveys this year reveal how these interconnected pressures are reshaping financial decision-making across households and enterprises alike—and creating complex new challenges for those guiding clients through uncertain terrain.
The Emergency Fund Crisis Is Real
According to RBC's 2025 Financial Flexibility Poll, 60 percent of Canadians don't have enough money to cover unexpected expenses. Half are spending all their income on essential bills and expenses.
Nearly half—48 percent—feel they can no longer maintain their standard of living.
Craig Bannon, national director of Regional Financial Planning Support at RBC, noted that advisors have decades of experience supporting clients through market ups and downs.
He said that one thing remains constant: the importance of having a good financial plan and sticking to a long-term approach to navigate periods of turmoil.
Fraud Fatigue Is Eroding Client Confidence
Canadians face escalating vulnerability to scams, per RBC's 2025 Fraud Prevention Month Poll.
Eighty-six percent say it's getting harder to recognize scams and protect themselves. Sixty-five percent experience fraud fatigue, tired of always being on alert.
Thirty-three percent admit they've become vulnerable to scams, acknowledging they "let my guard down."
Geoffrey Morton, senior director, Digital Fraud Strategy at RBC, observed that with the increase in volume and sophistication of scams, it's understandable Canadians find it challenging to always have their guard up when it comes to fraud.
He stressed that sometimes even one slip can lead to significant losses and stress, which is why it remains so important to stay vigilant, educated and talk to friends and family about how to stay safe from scams.
Small Business Clients Embrace Strategic Risk
Canadian small business owners demonstrate resilience through ongoing adaptation, according to RBC's 2025 Small Business Poll.
Sixty-one percent have pivoted their business strategy in the past year.
Fifty-one percent have made significant changes to their business model to remain competitive.
Forty-three percent view risk-taking as essential to long-term success.
Karen Svendsen, RBC senior director, Small Business and Partnerships, observed that small business owners have faced many hurdles in recent years—from the pandemic to supply chain disruptions and now shifting tariffs.
The Generational Wealth Gap: Parents Avoid Money Talks
Financial literacy gaps widen as parents struggle to prepare children for independence, according to RBC's Talking Money with Our Kids Poll.
Fifty-nine percent don't feel fully confident approaching money conversations.
Fifty-seven percent delay these discussions until key life moments arise (36 percent) or until their children raise the topic (21 percent).
Forty-three percent don't know what resources exist—or aren't using available resources—to help children prepare for financial independence.
Lucianna Adragna, vice president, Client Segments, Everyday Banking at RBC, stated that parents don't need to be experts and just need to lean into trusted resources to give themselves a starting point and the confidence to get these conversations underway.
What matters most is to begin talking about money early and often so it becomes a comfortable topic to raise any time—not just at key life moments or when the need arises.
Consumer Spending Pressures Mount at Critical Moments
Back-to-school shopping reveals deeper family financial stress, per Mydoh's 2025 Back to School survey.
Eighty-one percent of parents experienced stress during the back-to-school shopping experience.
Sixty percent reported their kids forgot about financial realities as soon as they walked into a store.
Forty percent overspent because they didn't want to disappoint their children.
Angelique de Montbrun, chief executive officer of Mydoh, noted that moments of significant spending such as the back-to-school season or holiday shopping often become financial pressure points for families.
However, these moments also present a unique opportunity to foster lifelong money management skills.
She emphasized the goal is to help parents turn the seasonal spending standoff between wants and needs into real-life lessons in financial literacy and budgeting.
