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A recent poll commissioned by the Royal Bank of Canada reveals 55 per cent of Canadians feel "financially paralyzed" amid rising living costs.
Nearly half (48 per cent) of respondents reported an inability to maintain their standard of living and approximately 29 per cent described their finances as being in a constant state of chaos.
That sense of financial paralysis is more prevalent among the younger demographics, with Millennials and Gen Xers expressing higher levels of concern. However, even among Baby Boomers aged 61 to 70, 46 per cent reported feeling financially paralyzed, and 16 per cent described their financial situation as chaotic.
The survey also highlighted that 60 per cent of Canadians are worried about their ability to cover unexpected expenses, with 44 per cent identifying unforeseen costs as their biggest financial risk in the coming year.
Just a few weeks ago, I focused a column on a recent MNP survey that talked about a drastic drop in financial confidence and discussed ways you can get help.
If you’ve reached the point of paralysis, as this recent RBC poll suggests, many of those steps may seem too overwhelming or simply out of reach. With that in mind, I wanted to follow up with a few more basic steps if you find yourself struggling to take any action at all:
1. Acknowledge your situation—Recognize and accept your current financial state without judgment. Avoiding or denying the problem can lead to even more stress and exacerbate financial difficulties. Facing your situation is the first step toward improvement, no matter how bleak it may feel.
2. Take small, consistent steps—Set achievable financial goals and work towards them incrementally. Small, consistent actions, such as paying down high-interest debt or setting up automatic savings, can lead to significant improvements over time. This approach can help alleviate feelings of overwhelm and build momentum toward financial stability. A small step is a big win!.
3. Seek professional advice—Consulting with a professional financial planner or credit counsellor (see column link above) can provide personalized strategies tailored to your situation. They can assist with debt management, investment planning, and offer guidance on improving your financial health. If you were ill or injured you would seek out the assistance of a medical professional, so the same thought should apply when your financial health is suffering.
4. Address emotional well-being—Financial stress can take a toll on your mental health. Engage in activities that promote relaxation and seek support from friends, family, or professionals if needed. Maintaining your emotional well-being is crucial for making clear-headed financial decisions.
Feeling financially paralyzed is more common than you may realize, especially in challenging economic times.
By taking proactive steps, however small, and seeking support when you need it, you can regain control of your finances and work toward a more secure future.
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.
