Investing.com -- Canadians are increasingly turning to investments to achieve financial independence, although concerns about market volatility persist, according to the annual RBC (TSX:RY) Financial Independence Poll released on Wednesday, March 19, 2025.
The poll revealed that Canadians believe they will need approximately $846,437 to ensure a financially secure future, with the majority (55%) believing they will achieve financial independence in their lifetime. This figure varies by region and generation, with respondents in Alberta, Saskatchewan/Manitoba, and Ontario estimating higher amounts, as well as Gen X and Millennials across the country.
In order to reach their financial goals, 49% of all respondents said they invested during 2024, including 49% of Gen X and 46% of Millennials. However, market volatility and investment performance were cited as key concerns by 48% of all respondents, with 54% of Millennials and 46% of Gen X expressing these worries.
The poll also showed that 51% of Canadians now have a financial plan, including 50% of Millennials and 44% of Gen X. Having a financial plan made respondents feel 'confident' (42% and 38% respectively) and 'reassured' (30% and 35%).
Craig Bannon, Director, Regional Financial Planning Support, RBC, advised investors to stick to their financial plans and focus on long-term strategies during periods of market instability. He emphasized the value of having a good financial plan and the role of an advisor in helping investors stay on track and focus on their financial goals.
The 2025 RBC Financial Independence Poll was conducted online by Ipsos (EPA:ISOS) between October 4 to 11, 2024, with 2,000 Canadians aged 18 and above. The results are accurate to within ± 2.5 percentage points, 19 times out of 20.
