Mar 3, 2026
Millennials are struggling to balance rising living costs with the need to build long-term financial security.
A new survey from RBC Royal Bank finds that 64% of Millennials are anxious about their financial future, while 57% say they have little or no money left after paying monthly expenses. Nearly half report dipping into savings over the past year to cover costs.
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“Today’s lack of affordability is a crucial challenge for Millennials at a time when they need their money to be working as hard as they are,” said Jodi Wright, senior director and head of financial planning at RBC, in a statement.
The findings are drawn from RBC’s 35th annual Financial Independence Poll, conducted in November 2025.
Big goals, but limited progress
Despite the financial pressure many report feeling, Millennials continue to set ambitious long-term targets.
On average, they estimate needing approximately $999,000 to achieve financial independence. However, respondents say they have saved about $126,000 so far.
That shortfall appears to be contributing to broader insecurity. Around 59% report that they do not feel financially secure, and 40% express concern that they may never fully pay off their debts.
At the same time, 65% say they worry about trying to save for the future while covering today’s expenses — a noticeably higher proportion than the 52% reported across all generations.
Overall, the responses suggest that while Millennials maintain clear financial aspirations, many feel constrained by limited cash flow and debt obligations that slow their ability to build wealth.
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Investment participation remains uneven
The report from RBC also indicates that financial anxiety may extend to investing behaviour.
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Although more than half of Millennials say retiring comfortably is a top goal, and 41% identify financial independence and wealth-building as priorities, 43% report that they currently hold no investments.
Among those not investing, the hesitation appears tied to confidence, rather than indifference. Fifty-six percent say they are worried about making poor investment choices, and 44% say they lack confidence in their investing knowledge. In addition, 55% say they find it difficult to navigate the complexities of their financial situation on their own.
Even so, relatively few are turning to professional support. Just 22% of Millennials say they have used a financial professional in the past 12 months, compared with 32% across all generations.
Planning gaps may also be contributing to the uncertainty felt around finances. For example, according to the report from RBC, less than half (48%) say they have a financial plan, and one-third of those describe that plan as existing only “in their head,” rather than as a formal, documented strategy.
When asked why they are not working with an advisor, many point to psychological barriers: 44% say they do not feel knowledgeable enough and fear being judged, 43% worry their finances are not in good shape and 40% say they do not know where to begin.
Millennials are now in peak earning and wealth-building years, yet many are navigating those years amid elevated housing costs, higher borrowing rates and persistent inflation. The survey results suggest that while financial independence remains a central goal, uncertainty around investing — combined with tight cash flow — is slowing participation at a time when long-term compounding would typically begin to play a larger role.
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Steven Brennan is a freelance finance writer based in Vancouver, BC. He holds a BA and an MA from Maynooth University, Ireland. His work regularly appears at Canadian Mortgage Trends, Lowest Rates, Loans Canada and other Canadian and US brands, while also working as a ghostwriter for financial influencers.
