Nearly all Canadians say rising living costs and economic uncertainty are putting pressure on their finances, prompting widespread changes in how households spend, save and manage money, according to a new nationwide survey by Harris & Partners.
The survey of 2,664 Canadians found that 95 per cent say higher costs for essentials such as food, housing and utilities have affected their finances, while 94 per cent said broader economic factors, including inflation and interest rates, are influencing their financial plans. More than nine in 10 respondents reported that rising everyday expenses are creating financial strain, and a similar share said they have changed how they manage money in the past six months as conditions evolve.
Those adjustments are showing up in daily behaviour. Nearly half of respondents said they have reduced spending, while more than one in five have delayed purchases. Fifteen per cent reported using savings to get by, and one in 10 said they are relying on credit more frequently to manage expenses.
“These findings paint a very clear picture — financial pressure is no longer temporary for many Canadians,” said Joshua Harris, chief executive officer of Harris & Partners. “People are adjusting their lives in real time because the cost of everyday living continues to rise faster than many incomes can keep up.”
The survey also pointed to a growing sense of financial vulnerability. More than 90 per cent of respondents said their financial situation could change quickly due to factors outside their control, and 85 per cent said economic changes are affecting them more now than they were a year ago.
Harris noted that the results suggest financial insecurity is spreading beyond traditionally vulnerable groups.
“Canadians are feeling less financially secure than they did a year ago,” he said. “Even individuals who were previously comfortable are now rethinking spending habits, postponing purchases, and worrying about how quickly circumstances can change.”
Rising costs for essentials remain the primary source of stress, with groceries, housing, utilities and transportation cited as the biggest pressure points. While many households are cutting back on discretionary spending, Harris warned that increased reliance on savings or credit can create longer‑term challenges.
“When households begin relying on savings or credit to manage basic costs, it can quickly lead to long‑term financial strain,” he said.
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