More than four in ten Canadians feel financially exposed to a single major unplanned expense, and nearly one-third have no emergency savings at all, according to a new poll released by RBC on July 16, 2026. The survey reveals that 42% of respondents worry one large unexpected bill could throw their finances off track, while 32% lack an emergency fund entirely. Among households earning under $100,000 annually, that figure climbs to 38%, with Ontario showing the highest rate at 37%.
The poll found that 52% of Canadians are concerned they haven't put aside enough for emergencies, and half expressed regret over not starting an emergency fund sooner. In the past year alone, 44% faced emergency costs, with the highest rates in Alberta (55%) and Saskatchewan/Manitoba (54%). One-third said even a small unplanned expense would be hard to handle. When asked what worries them most, 39% cited unexpected car repairs or transportation costs, 38% pointed to major home repairs, and 31% named medical or health-related expenses. The report also found that 41% underestimated how much they should save for emergencies—rising to 46% in Saskatchewan/Manitoba and 43% in both Atlantic Canada and British Columbia.
The overwhelming barrier to building emergency savings is the high cost of living, identified by 76% of respondents as the main challenge. That figure reached 86% in Alberta and 83% in Atlantic Canada. Other obstacles include competing financial priorities—55% nationally said they can't build an emergency fund while saving for other goals, climbing to 64% in Saskatchewan/Manitoba and 59% in Atlantic Canada. Nearly half (45%) reported their finances are stretched too thin to make any headway, rising to 51% in Atlantic Canada and 49% in Alberta. Erica Nielsen, Group Head of RBC Personal Banking, said financial stress "can affect how secure and in control people feel," adding that the bank wants to help Canadians build the habit of setting money aside regularly "so that when expenses arise without warning, they have the financial breathing room to handle them."
The poll sheds light on why so many Canadians remain vulnerable: 29% nationally admitted they've raided their emergency fund for non-emergency spending, a figure that jumps to 42% in Atlantic Canada. Another 25% used their fund for genuine emergencies but haven't yet replenished it. When asked how they'd cover unexpected costs, 41% said they'd tap their emergency fund, 35% would use a credit card, and 15% would borrow from family or friends. One in five has never even thought about how they'd manage an emergency expense. Among the 68% who do have an emergency fund, the report notes that 49% are building it through regular contributions at least monthly, 34% add any leftover money at the end of the month, 27% cut back on spending to grow the fund, and 27% have opened a dedicated savings account.
RBC recommends Canadians aim to save enough to cover three to nine months' worth of expenses, tailored to their personal circumstances. The bank advises keeping emergency savings in a separate, liquid account—such as a dedicated savings account—rather than invested in stocks or locked into GICs, to ensure the money remains easily accessible. Setting up automatic transfers when income arrives can help the fund grow steadily without requiring active decision-making. Nielsen emphasized that using a dedicated account and consistent contributions are "two of the most effective ways to build their emergency fund," because keeping the money separate reduces the temptation to spend it and automating contributions lets the fund grow in the background. Beyond the financial cushion, poll respondents identified peace of mind (51%) and reduced stress (46%) as the top non-monetary benefits of having an emergency fund, alongside providing a safety net (49%), avoiding debt (42%), and weathering tough times (35%).