TORONTO, March 04, 2025 (GLOBE NEWSWIRE) — The current economic climate has 83 per cent of Canadians adjusting their financial strategies, according to a new survey from CPA Canada and BDO Debt Solutions.
The survey suggests three-quarters (76%) of Canadians say the broader economic climate is affecting their financial well-being, with one-third (34%) saying they are in worse financial shape than one year ago.
Four in ten (40%) Canadians say inflation and the rising cost of living are their top concerns.
Global issues, including trade tensions and the threat of U.S. tariffs, are contributing to what CPA Canada’s Chief Economist David-Alexandre Brassard describes as “weaponized uncertainty,” leaving many Canadians more pessimistic about their financial future than they were a year ago.
“Personal finance doesn’t exist in a vacuum,” says Brassard. “As consumer confidence drops and spending weakens, Canada could face slower economic growth.”
There is a noticeable generational divide in response to the current situation. Political instability is a source of stress for older Canadians, with 14 per cent of those aged 55 and older citing it as a concern. In contrast, only four per cent of younger Canadians, aged 18-34, share this concern. Despite this context, those aged 18-34 remain more optimistic about their financial prospects.
“The financial caution we’re seeing isn’t just about inflation—it’s about uncertainty,” says Li Zhang, financial literacy leader at CPA Canada. “Many Canadians are bracing for worst-case scenarios, adjusting their financial plans to safeguard against potential downturns.”
To cope with risings costs, 66 per cent of Canadians plan to reduce expenses—but despite growing concerns, only 24 per cent of Canadians plan to pay down debt considering the current economic climate.
“Cutting spending is a positive step, but without a focus on debt repayment, financial stress will continue to build,” says Nancy Snedden, Licensed Insolvency Trustee and President at BDO Debt Solutions. “Many Canadians are struggling with credit card debt and without a plan to pay it off, they risk larger financial problems down the road.”
Survey methodology
Leger conducted the 2025 Economic uncertainty OMNIbus online survey from February 7 to February 10, 2025, among 1,590 randomly selected Canadians aged 18 and over.
For the complete survey results or to schedule an interview, please contact [email protected].
