At Harris & Partners, we work with Canadians every day who are finding their way through financial challenges — from managing debt to rebuilding credit and planning for a more stable financial future. We see these struggles firsthand in our practice, and so we wanted to understand the broader picture: just how widespread is financial pressure across the country right now?
That’s why we recently conducted a nationwide survey of 2,664 Canadians to explore how rising costs, economic uncertainty, and shifting financial realities are affecting people’s lives.
What the numbers tell us
The results paint a clear picture of a country under financial strain:
95.2% of Canadians say rising costs — including food, housing, and utilities — have impacted their finances recently.
94.2% report that broader economic changes like inflation and interest rates are affecting their financial plans.
93.6% feel that rising everyday costs are putting direct pressure on their finances.
91.6% have changed how they manage money in the past six months due to these shifting economic conditions.
These aren’t small changes. These are the vast majority of Canadians — across income levels, regions, and life stages — telling us that the financial ground beneath them is getting shakey.
How Canadians are responding: Real changes, real sacrifices
When we asked respondents how they’ve adjusted their financial behavior in response to these pressures, the answers were a reality check:
- Nearly half of respondents (49.0%) have reduced their overall spending
- 1 in 5 Canadians (22.4%) have delayed major purchases they had planned
- 15.2% have dipped into savings just to get by
- 1 in 10 Canadians are now relying on credit more frequently than before
These aren’t just lifestyle upgrades or optional adjustments. These are signs of households recalibrating their entire financial lives to keep up with the rising cost of essentials.
As our CEO, Joshua Harris, puts it: “People are adjusting their lives in real time because the cost of everyday living continues to rise faster than many incomes can keep up.”
There’s a growing sense of financial vulnerability
Perhaps the most sobering finding in our survey was the increased sense of instability Canadians are feeling.
91.0% of respondents told us they feel their financial situation can change quickly due to factors outside their control — job loss, unexpected expenses, health issues, or economic shifts they have no power over.
85.4% say financial changes are affecting them more now than they were just 12 months ago.
This is about more than just money; it’s about security, predictability, and peace of mind. Even Canadians who were previously comfortable are now questioning how stable their situation really is.
“Canadians are feeling less financially secure than they did a year ago,” Joshua explains. “Even individuals who were previously comfortable are now rethinking spending habits, postponing purchases, and worrying about how quickly circumstances can change.“
What’s driving this pressure?
The answer is clear: everyday essentials.
Groceries. Housing. Utilities. Transportation. These are the baseline costs of living, and when these rise faster than wages, households are left with fewer options and harder choices.
While cutting back on discretionary spending, like dining out and taking vacations, can provide some breathing room, it doesn’t solve the underlying problem. And for many, even that isn’t enough.
When people rely on savings to cover regular expenses or turn to credit to bridge the gap between paychecks, the risks compound quickly.
“We’re seeing more people forced to make difficult choices simply to stay on top of monthly expenses,” says Joshua. “When households begin relying on savings or credit to manage basic costs, it can quickly lead to long-term financial strain.“
The risk of waiting too long
One of the most important insights from this survey is how many Canadians are quietly struggling, often without reaching out for help until the situation becomes dire.
We see this in our practice all the time. People wait until debt has become unmanageable, collection calls start coming in, they’re facing legal action, or they can’t sleep at night from the stress.
But the reality is there are options available much earlier than most people realize.
Whether it’s debt consolidation, credit counseling, consumer proposals, or simply getting a clear-eyed assessment of your financial situation, early intervention can make all the difference.
“There’s a strong need for open conversations around financial stress and debt,” Joshua adds. “Many people wait until things become overwhelming before seeking help, but there are options available much earlier than most realize.“
What this means for the road ahead
Our survey results point to trends that have been building for years and show no signs of slowing down.
Financial pressure is no longer a temporary condition for many Canadian households. It’s becoming a constant backdrop to daily life, shaping decisions about everything from grocery shopping to career planning and family goals.
At Harris & Partners, we believe that understanding the scope of this challenge is the first step toward addressing it, both individually and as a society.
We’re committed to providing accessible, compassionate, and practical support to Canadians who are feeling this pressure. Whether you’re just starting to feel the pinch or you’ve been struggling for months, you don’t have to find your way out alone.
If you’re feeling pressure, you’re not alone
If any of these findings resonate with you — if you’ve been cutting back, dipping into savings, or relying on credit more than you’d like — you’re not alone and help is available.
Financial stress doesn’t have to become a crisis before you take action. In fact, the earlier you ask for help, the more options you’ll have.
We encourage anyone experiencing financial difficulties to reach out for professional advice from a Licensed Insolvency Trustee. A consultation with our team will cost you nothing, but it could change everything.
Book your free consultation today
This survey was conducted by Harris & Partners in 2026 and includes responses from 2,664 Canadians aged 18 and older. The survey explored how economic uncertainty, rising living costs, and financial pressures are affecting Canadians’ financial decisions and day-to-day lives.
