A new nationwide survey says financial pressure is now a defining reality for most Canadians, with overwhelming majorities reporting rising expenses, tighter budgets and forced changes to everyday spending.
The findings highlight how sustained cost-of-living increases are reshaping household finances across the country.
According to a Harris & Partners survey of 2,196 Canadians, the results reveal widespread financial strain:
- 87% say they feel financially trapped due to rising living expenses and or debt
- 85% report their overall monthly expenses have increased in the past 12 months
- 85% say their household budget has become harder to manage
- 97% say everyday price increases have forced them to rethink how they spend their money
- 88% have postponed or cancelled plans such as travel, major purchases or life goals due to higher costs
“These results show just how deeply rising living costs are affecting Canadian households. For many people, it is no longer about cutting back on extras. It is about trying to keep up with everyday expenses. When 87% of Canadians say they feel financially trapped, that is a clear signal of how little room there is left in household budgets,” said Joshua Harris, CEO of Harris & Partners and a Licensed Insolvency Trustee.
Nearly all respondents say higher prices have altered how they manage their money, with everyday spending decisions increasingly shaped by affordability rather than preference, said the report.
“Canadians are adapting because they have to. People are thinking twice about every purchase, delaying plans and constantly reworking their budgets just to stay afloat. This kind of financial pressure becomes exhausting over time,” added Harris.
Beyond day-to-day costs, the survey also found growing concern about wider economic pressures:
- 73% are concerned that trade tariffs on imported goods such as vehicles, electronics or produce will further limit their ability to pay down debt
- 60% say they are worried about job security or household income due to the potential impact of tariffs on the Canadian economy
“When households are already stretched, anything that threatens higher prices or income stability adds another layer of stress,” explained Harris.
“People are worried not just about today’s bills, but about what comes next.”
More from Retail Insider:
