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.
Unexpected vet bills don’t have to break the bank
Spot Pet Insurance offers coverage for treatment of accidents, illnesses, prescriptions drugs, emergency care and more.
Plus, their preventative care plan covers things like routine check-ups, microchip implantation, and vaccinations, if you want to give your pet the all-star treatment while you protect your bank account.
Get A QuoteGenerational 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)
Smart investing starts here
Get 100 free online equity trades with promo code EDGE100 when you open a CIBC Investor’s Edge account by Sept. 30, 2025. Click here to unlock 100 free trades and take control of your investments. Get started today.
