Investing across the provinces

The figures required for financial independence are notably higher for respondents living in Alberta ($928,179), Saskatchewan and Manitoba ($958,535) and Ontario ($916,714), as well as for Gen X ($1,128,990) and Millennials ($945,748) across the country.

In BC, this figure is slightly less at $877,503. The lowest is Quebec at $616,954.

Interestingly, Quebec respondents were the least concerned about the aforementioned market volatility at only 43%. BC was the most concerned at 12 percentage points higher.

Still most Canadians were confident in achieving their financial independence despite these concerns with anywhere from 47% (Atlantic Canada) to 55% (BC) believing so.

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Generational differences in Canadian investors

To help themselves get there, 49% of all respondents invested during 2024, including 49% of Gen X and 46% of Millennials. As well, 54% of Millennials and 46% of Gen X share the same worries around market volatility.

Across the generations, most invested in mutual funds, then stocks, GICs, pension plans and ETFs. Cryptocurrencies were at the bottom of the list, although 8% of Millennials reported investing in them.

The poll findings also indicated that just over half (51%) of Canadians now have a financial plan (formal or informal). This includes 50% of Millennials and 44% of Gen X, who responded that having this plan made them feel 'confident' (42% and 38% respectively) and 'reassured' (30% and 35%).

Survey methodology

The 34th annual RBC Financial Independence Poll was conducted by Ipsos through online interviews with 2,000 Canadians aged 18 and above between October 4 to 11, 2024.

Sources

1. Cision: Investing in ourselves: Canadians' quest for financial independence - RBC poll (March 19, 2025)

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Nicholas Sokic Contributor

Nicholas completed his master's in journalism and communications at Western University. Since then, he's worked as a reporter at the Financial Post, Healthing.ca, Sustainable Biz Canada and more. Aside from reporting, he also has experience in web production, social media management, photography and video production. His work can also be found in the Toronto Star, Yahoo Finance Canada, Electric Autonomy Canada and Exclaim among others.

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