The deterioration is sharpest at the regional level. The share feeling less financially secure rises to 64 per cent in Atlantic Canada and 62 per cent in Alberta, compared with 49 per cent in both British Columbia and Ontario, and 38 per cent in Quebec.
Cost-of-living pressures
Everyday costs are driving much of the decline with nearly one-quarter of working Canadians pointing to higher prices for groceries, utilities and transportation as the main reason they feel worse off than a year ago.
Nearly half of working Canadians say their current savings would cover no more than two months of regular expenses if they lost their job today. More than one in four has less than one month of savings to fall back on, or none at all. Fewer than one-third could cover six months or more.
“Financial stress doesn’t stop when someone starts their workday,” said Stacy Yanchuk Oleksy, CEO of Money Mentors, an Alberta-based non-profit credit counselling agency. “When people are already operating with very little financial cushion, an unexpected expense or loss of income can quickly become a much bigger problem.”
Women, parents, and the thinnest safety nets
The national data surfaces two client segments with particularly acute financial vulnerability, both of which represent meaningful advisory opportunities.