A new survey finds that the majority of Canadians are reevaluating their finances amid the current economic environment and plan to reduce spending.
CPA Canada and BDO Debt solutions released survey results Tuesday, finding that 83 per cent of respondents are adjusting their financial strategies given the current environment. The results come amid trade tensions and U.S. tariff threats. CPA Canada’s Chief Economist David-Alexandre Brassard said in a press release this has led to “weaponized uncertainty,” weighing on the sentiment of Canadians and driving a more pessimistic financial outlook.
“Personal finance doesn’t exist in a vacuum,” Brassard said. “As consumer confidence drops and spending weakens, Canada could face slower economic growth.”
Top concerns from the survey include:
- 76 per cent indicated the broader economic environment is impacting their financial well being
- 34 per cent said they are in a worse financial position compared to a year ago.
- 40 per cent of respondents indicated inflation and rising living
- 66 per cent said they plan to reduce their expenses
- 24 per cent indicated they plan to pay down debt given the current economic environment
“Cutting spending is a positive step, but without a focus on debt repayment, financial stress will continue to build,” Nancy Snedden, a licensed insolvency trustee and president at BDO Debt Solutions said in the release.
“Many Canadians are struggling with credit card debt and without a plan to pay it off, they risk larger financial problems down the road.”
Results from the survey also point to a generational divide. Political instability was found to be a source of stress for older Canadians, with 14 per cent of those aged 55 and above listing it as a worry. For younger Canadians between the ages of 18 and 34, only four per cent cited political instability as a concern.
Methodology:
The 2025 Economic uncertainty OMNIbus online survey was conducted by Leger between Feb. 7 and Feb. 10. Responses were taken form 1,590 randomly selected Canadians over the age of 18.
