Financial Strain Intensifies as More Canadians Report Being Worse Off

A growing number of Canadians report a decline in their financial well-being, as BlogTO first reported, according to a report from the online estate planning platform Willful. Data collected by the Angus Reid Forum in September shows that 40 per cent of Canadians feel they are in a worse financial position than they were last year, an increase from 37 per cent in 2025, BlogTO reports.

Inflation remains a primary driver of these costs. BlogTO reports that 97 per cent of respondents saw grocery spending rise by an average of 21 per cent, while 84 per cent saw gas costs increase by at least 25 per cent. Other significant spending pressures include utilities and dining out.

The financial pressure is manifesting in a lack of stability for many households. BlogTO reports that 47 per cent of respondents are using savings to cover daily expenses, while 7 per cent have no savings available. Additionally, 63 per cent of those surveyed say they are unprepared for a financial emergency. On average, 82 per cent of respondents indicated they require an additional $818 in monthly income to meet their financial goals.

Generational disparities are stark. BlogTO reports that Gen X is experiencing the most stress, with 47 per cent feeling worse off and 52 per cent reporting increased debt repayment costs. In contrast, Gen Z was the only group showing positivity, with 36 per cent saying they felt better off. The report also highlighted the "sandwich generation"—those with a child and at least one living parent—who reported higher costs for car payments, debt repayments, childcare, and supporting aging parents, though they were more likely to contribute to RESPs and save for the future.