No emergency fund? RBC poll finds over 40% of Canadians worry even one major unexpected expense could derail their finances
Canada NewsWire
TORONTO, July 16, 2026
Key takeaways from RBC Emergency Readiness Poll of Canadians aged 18+:
- 76% cite the high cost of living as the main challenge to building an emergency fund – highest in AB (86%), AC (83%)
- 52% are concerned they haven't saved enough for emergencies
- 50% regret not starting an emergency fund earlier
- 44% faced emergency expenses in past year – highest in AB (55%), SK/MB (54%)
- 42% feel financially vulnerable to a major unexpected expense
- 41% underestimated how much they should save for emergencies – highest in SK/MB (46%), AC & BC (43% each)
- 32% don't have an emergency fund — rising to 38% among those with household incomes under $100,000 and highest in ON (37%)
- Top emergency worries across Canada: unexpected costs for car repairs/transportation (39%), major home repairs (38%) and medical or health issues (31%)
TORONTO, July 16, 2026 /CNW/ - Emergency expenses are putting financial pressure on Canadians already stretched by the high cost of living, and for nearly four-in-ten (38%) of those with household incomes under $100,000, there's no emergency fund to absorb the hit, according to the RBC Emergency Readiness Poll.
Lack of savings to handle emergencies is a concern for Canadians at all income levels, as poll findings revealed:
- 52% worry they haven't saved enough for emergencies
- 44% faced costs for emergencies over the past year
- 42% are concerned one major unexpected expense could derail their finances
- 33% worry even a small unplanned cost would be difficult to absorb
- Biggest concerns: unexpected car repairs or other transportation costs (39%); major home repairs (38%), and medical or health-related costs (31%)
"Financial stress in any form can affect how secure and in control people feel," said Erica Nielsen, Group Head, RBC Personal Banking. "We want to help Canadians build the habit of setting some money aside regularly, even a small amount, so that when expenses arise without warning, they have the financial breathing room to handle them."
What's getting in the way of Canadians building an emergency fund?
A majority of poll respondents (76%) called out the high cost of living as the top reason why they are finding it harder to build or maintain emergency savings. Across the regions, this response was highest in Alberta (86%), Atlantic Canada (83%), Ontario and Saskatchewan/Manitoba (79% each).
Other reasons identified across the country for inability to fund their emergency savings included:
- I can't build an emergency fund and save for other priorities (55% national & ON; 64% SK/MB; 59% AC)
- My finances are stretched too thin for me to make any progress (45% national & BC; 51% AC; 49% AB)
- I've had to dip into my emergency fund for non-emergency expenses (29% national; 42% AC; 35% AB; 32% SK/MB)
In addition, 41% of all respondents admitted they had underestimated how much they should save for emergencies and 25% had recently used their fund for emergency expenses but have yet to rebuild it.
How would Canadians cover unexpected expenses?
When asked how they would handle unanticipated costs, 41% responded they would use their emergency fund, 35% would rely on a credit card and 15% would borrow from family and friends.
One-in-five (20%) have never considered how they would cover an emergency expense.
More than two-thirds (68%) stated they have an emergency fund. Among those:
- Almost half (49%) are building it by regularly contributing at least monthly
- One-third (34%) use any leftover money at the end of the month to add to their fund
- Over one-quarter (27%) cut back on spending to help build their fund
- And over one-quarter (27%) have opened a dedicated savings account
"It's encouraging to see how many Canadians are adopting two of the most effective ways to build their emergency fund: by using a dedicated savings account and through consistent contributions," Nielsen noted.
"Keeping your emergency fund in a separate account makes it less likely you'll spend that money until you truly need it. And by setting up pre-authorized contributions, from your paycheque for example, your emergency fund can grow steadily in the background while you focus on other priorities," said Nielsen. "Having that approach in place can help bring peace of mind and better position you, financially and emotionally, to manage whatever comes your way."
Half of poll respondents (50%) expressed regret that they had not begun saving in an emergency fund sooner, a clear indication that getting started with any amount helps make a real impact. Providing peace of mind (51%) and reducing stress (46%) were the two top non-financial reasons to have an emergency fund, as identified by poll respondents. The top monetary reasons included providing a financial safety net (49%), helping to avoid debt (42%) and to get through tough times (35%).
RBC emergency fund tips and free resources
To help Canadians find the answers to their questions about how to build, and where to keep, emergency funds, RBC provides tips and resources below.
- How much to save in your emergency fund?
The exact amount to save in your emergency fund depends on your personal situation. As a general indicator, consider having enough money in those savings to cover three to nine months' worth of expenses.
- Where to keep your emergency fund?
Consider keeping your emergency savings separate from your daily spending, such as a dedicated savings account, rather than invested in equities (because of volatility) or locked into a GIC. This keeps your fund 'liquid' – easily accessible in an emergency – and the 'out of sight, out of mind' separation removes any temptation to spend unless necessary.
- How to help build your emergency fund?
Set up automatic transfers when income comes in. Automating contributions to your emergency fund will help it grow steadily, without you having to think about it. When any unexpected expenses arise, you'll have your emergency fund to lean into, and then you can begin rebuilding it, one contribution at a time.
- What to use to estimate how your emergency fund could grow?
Check out the free RBC Savings Calculator to see how your emergency fund could increase over time through regular contributions.
- How to learn more about setting up and building your emergency fund?
Visit RBC's free online advice hub, My Money Matters. Here you'll find a step-by-step guide to help you understand how to build an emergency fund – including the 3-6-9 approach to covering emergency expenses – with common mistakes to avoid.
Fast Facts: RBC Emergency Readiness Poll
Selected Findings – National & Regional
AGREE RESPONSES | CAN | BC | AB | SK / MB | ON | QC | AC |
Underestimated how much I should save for emergencies | 41 % | 43 % | 38 % | 46 % | 41 % | 39 % | 43 % |
Worried I'm one major unexpected expense away from being over the edge financially | 42 % | 42 % | 47 % | 44 % | 42 % | 40 % | 45 % |
Even a smaller unexpected expense could put me over the edge financially | 33 % | 34 % | 32 % | 33 % | 35 % | 29 % | 38 % |
Regret not starting an emergency fund sooner | 50 % | 54 % | 57 % | 52 % | 48 % | 43 % | 64 % |
Haven't saved enough for emergencies | 52 % | 51 % | 56 % | 52 % | 54 % | 46 % | 57 % |
High cost of living is making it harder to build or maintain emergency savings | 76 % | 75 % | 86 % | 79 % | 79 % | 66 % | 83 % |
Dipped into my emergency fund for non-emergency expenses | 29 % | 31 % | 35 % | 32 % | 30 % | 18 % | 42 % |
Can't build an emergency fund and save for other priorities at the same time | 55 % | 51 % | 57 % | 64 % | 55 % | 52 % | 59 % |
Stretched too thin to make any progress on building an emergency fund | 45 % | 45 % | 49 % | 46 % | 44 % | 42 % | 51 % |
Recently used my emergency fund and haven't rebuilt it yet | 25 % | 23 % | 31 % | 28 % | 24 % | 23 % | 29 % |
Never thought about how I'd cover expenses in an emergency | 20 % | 18 % | 15 % | 17 % | 22 % | 19 % | 19 % |
OTHER RESPONSES | CAN | BC | AB | SK / MB | ON | QC | AC |
Had an unexpected or emergency expense in the last 12 months | 44 % | 37 % | 55 % | 54 % | 41 % | 41 % | 52 % |
Don't have an emergency fund | 32 % | 25 % | 24 % | 32 % | 37 % | 30 % | 35 % |
WHICH UNEXPECTED EXPENSES ARE YOU MOST WORRIED ABOUT RIGHT NOW? | CAN | BC | AB | SK / MB | ON | QC | AC |
Car repair or unexpected transportation costs | 39 % | 36 % | 48 % | 44 % | 38 % | 37 % | 47 % |
Major home repair | 38 % | 32 % | 48 % | 47 % | 38 % | 32 % | 42 % |
Medical/health costs | 31 % | 37 % | 32 % | 35 % | 30 % | 27 % | 28 % |
HOW WOULD YOU HANDLE A MAJOR UNEXPECTED EXPENSE? | CAN | BC | AB | SK / MB | ON | QC | AC |
Emergency fund/savings | 41 % | 50 % | 41 % | 48 % | 37 % | 40 % | 40 % |
Credit card | 35 % | 34 % | 36 % | 39 % | 34 % | 34 % | 40 % |
Borrow from family and friends | 15 % | 16 % | 15 % | 20 % | 17 % | 11 % | 11 % |
WHAT ARE THE TOP BENEFITS TO HAVING AN EMERGENCY FUND? | CAN | BC | AB | SK / MB | ON | QC | AC |
Providing peace of mind | 51 % | 53 % | 51 % | 48 % | 50 % | 53 % | 52 % |
Reducing stress | 46 % | 48 % | 46 % | 45 % | 47 % | 45 % | 46 % |
Having a financial safety net | 49 % | 49 % | 47 % | 50 % | 47 % | 54 % | 48 % |
Avoiding debt | 42 % | 43 % | 35 % | 45 % | 40 % | 45 % | 47 % |
Getting through tough financial times | 35 % | 29 % | 44 % | 36 % | 33 % | 35 % | 34 % |
Fast Facts: RBC Emergency Readiness Poll
Selected Findings – Household Income (HHI)
AGREE RESPONSES | CANADA | <$100,000 (HHI) | >$100,000 (HHI) |
Underestimated how much I should save for emergencies | 41 % | 45 % | 35 % |
Worried that I'm one major unexpected expense away from being over the edge financially | 42 % | 51 % | 32 % |
Even a smaller unexpected expense could put me over the edge financially | 33 % | 42 % | 21 % |
Regret not starting an emergency fund sooner | 50 % | 54 % | 47 % |
Haven't saved enough for emergencies | 52 % | 57 % | 45 % |
High cost of living is making it harder to build or maintain emergency savings | 76 % | 79 % | 75 % |
Dipped into my emergency fund for non-emergency expenses | 29 % | 33 % | 24 % |
Can't build an emergency fund and save for other priorities at the same time | 55 % | 59 % | 49 % |
Stretched too thin to make any progress on building an emergency fund | 45 % | 53 % | 35 % |
Recently used my emergency fund and haven't rebuilt it yet | 25 % | 29 % | 20 % |
Never thought about how I'd cover expenses in an emergency | 20 % | 24 % | 13 % |
OTHER RESPONSES | CANADA | <$100,000 (HHI) | >$100,000 (HHI) |
Had an unexpected or emergency expense in the last 12 months | 44 % | 43 % | 50 % |
Don't have an emergency fund | 32 % | 38 % | 20 % |
WHICH UNEXPECTED EXPENSES ARE YOU MOST WORRIED ABOUT RIGHT NOW? | CANADA | <$100,000 (HHI) | >$100,000 (HHI) |
Car repair or unexpected transportation costs | 39 % | 41 % | 38 % |
Major home repair | 38 % | 32 % | 46 % |
Medical/health costs | 31 % | 33 % | 25 % |
Smaller unexpected costs that add up | 29 % | 33 % | 24 % |
Job loss/reduced income affecting ability to cover essential costs | 29 % | 27 % | 36 % |
HOW WOULD YOU HANDLE A MAJOR UNEXPECTED EXPENSE? | CANADA | <$100,000 (HHI) | >$100,000 (HHI) |
Emergency fund/savings | 41 % | 35 % | 52 % |
Credit card | 35 % | 36 % | 36 % |
Borrow from family and friends | 15 % | 17 % | 13 % |
WHAT ARE THE TOP BENEFITS TO HAVING AN EMERGENCY FUND? | CANADA | <$100,000 (HHI) | >$100,000 (HHI) |
Providing peace of mind | 51 % | 52 % | 53 % |
Reducing stress | 46 % | 45 % | 47 % |
Having a financial safety net | 49 % | 48 % | 52 % |
Avoiding debt | 42 % | 42 % | 44 % |
Getting through tough financial times | 35 % | 35 % | 35 % |
AMONG RESPONDENTS WITH AN EMERGENCY FUND (68%) | CANADA | <$100,000 (HHI) | >$100,000 (HHI) |
How often do you build your emergency fund? At least monthly | 49 % | 45 % | 54 % |
What steps have you taken to build your emergency fund? - Save any "leftover" money at the end of the month | 34 % | 35 % | 34 % |
Cutting back on spending to free up money to save | 27 % | 29 % | 25 % |
Opened a dedicated account for emergency savings | 27 % | 23 % | 32 % |
Fast Facts: RBC Emergency Readiness Poll
Selected Findings – Generations
Gen Z (b.1997+); Millennials (b.1981–1996); Gen X (b.1965–1980); Boomers (b.1946–1964)
AGREE RESPONSES | CAN | GEN Z | MILLENNIALS | GEN X | BOOMERS |
Underestimated how much I should save for emergencies | 41 % | 50 % | 41 % | 40 % | 39 % |
Worried that I'm one major unexpected expense away from being over the edge financially | 42 % | 55 % | 48 % | 47 % | 29 % |
Even a smaller unexpected expense could put me over the edge financially | 33 % | 46 % | 36 % | 37 % | 23 % |
Regret not starting an emergency fund sooner | 50 % | 54 % | 50 % | 54 % | 47 % |
Haven't saved enough for emergencies | 52 % | 63 % | 58 % | 59 % | 36 % |
High cost of living making it harder to build/maintain emergency savings | 76 % | 78 % | 83 % | 81 % | 68 % |
Dipped into my emergency fund for non-emergency expenses | 29 % | 40 % | 27 % | 30 % | 27 % |
Can't build an emergency fund and save for other priorities at same time | 55 % | 62 % | 59 % | 58 % | 47 % |
Stretched too thin to make any progress on building emergency fund | 45 % | 56 % | 47 % | 52 % | 33 % |
Recently used my emergency fund and haven't rebuilt it yet | 25 % | 31 % | 27 % | 28 % | 20 % |
Never thought about how I'd cover expenses in an emergency | 20 % | 38 % | 17 % | 16 % | 17 % |
OTHER RESPONSES | CAN | GEN Z | MILLENNIALS | GEN X | BOOMERS |
Had an unexpected or emergency expense in the last 12 months | 44 % | 36 % | 47 % | 50 % | 39 % |
Don't have an emergency fund | 32 % | 30 % | 30 % | 36 % | 30 % |
MOST WORRIED ABOUT WHICH UNEXPECTED EXPENSES? | CAN | GEN Z | MILLENNIALS | GEN X | BOOMERS |
Car repair or unexpected transportation costs | 39 % | 41 % | 44 % | 42 % | 34 % |
Major home repair | 38 % | 16 % | 41 % | 44 % | 40 % |
Medical/health costs | 31 % | 29 % | 28 % | 34 % | 32 % |
Pet emergency | 23 % | 18 % | 30 % | 27 % | 15 % |
Job loss/reduced income affecting ability to cover essential costs | 29 % | 43 % | 39 % | 37 % | 9 % |
HOW WOULD YOU HANDLE A MAJOR UNEXPECTED EXPENSE? | CAN | GEN Z | MILLENNIALS | GEN X | BOOMERS |
Emergency fund/savings | 41 % | 45 % | 46 % | 36 % | 39 % |
Credit card | 35 % | 34 % | 42 % | 37 % | 28 % |
Borrow from family and friends | 15 % | 28 % | 22 % | 13 % | 3 % |
TOP BENEFITS TO HAVING AN EMERGENCY FUND | CAN | GEN Z | MILLENNIALS | GEN X | BOOMERS |
Providing peace of mind | 51 % | 43 % | 51 % | 49 % | 58 % |
Reducing stress | 46 % | 44 % | 50 % | 47 % | 43 % |
Having a financial safety net | 49 % | 44 % | 50 % | 47 % | 43 % |
Avoiding debt | 42 % | 52 % | 39 % | 39 % | 42 % |
Getting through tough financial times | 35 % | 31 % | 36 % | 44 % | 29 % |
Disclaimer
This is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. The information presented is believed to be factual and up to date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
About the RBC Emergency Readiness Poll
These findings are from a survey commissioned by RBC and conducted from April 22 to 28, 2026, among a representative sample of 1,513 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of ±2.5 percentage points, 19 times out of 20.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.
Media contact:
Habiba Ahmad, RBC Corporate Communications, 437-993-3245
SOURCE RBC Royal Bank
