New national data shows nearly half of working Canadians feel worse off than a year ago, with women and parents carrying the thinnest safety nets
Nearly half of working Canadians say they are less financially secure than they were a year ago and new national data shows the problem is neither regional nor confined to lower-income households.
The findings come from the Money Mentors 2026 Workplace and Wellness Report, which draws on two Angus Reid Group surveys: a national omnibus of 1,522 Canadians conducted August 13, 2026, and a separate survey of 803 working Albertans conducted August 7 to 10, 2026.
Across Canada, 49 per cent of working Canadians say they are less financially secure than they were 12 months ago. Only 17 per cent say they are more financially secure, so Canadians who feel worse off outnumber those who feel better off by nearly three to one.
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.
Working women are significantly more exposed than men. Seventeen per cent of working women nationally say they would not be able to cover their regular expenses at all using their current savings if they lost their job, nearly double the nine per cent of men who say the same.
Across all savings thresholds, 52 per cent of women have no more than two months of expenses covered, compared with 43 per cent of men. Only 26 per cent of women could cover six months or more, versus 33 per cent of men.
That gap matters beyond its immediate human cost. As Wealth Professional has reported on the growing financial influence of women clients, women are projected to control a growing share of Canadian household wealth in the years ahead, making the savings vulnerability gap a planning priority, not a marginal issue.
Working parents carry similarly thin buffers. Nearly six in 10 of working Canadians with children in their household have no more than two months of savings to cover regular expenses if they lost their job, compared with 43 per cent of those without children at home.
Thirteen per cent of workers with children say they would not be able to cover their expenses at all. Workers with children are also more likely to say their financial security has deteriorated, with 55 per cent reporting they feel worse off than 12 months ago, compared with 47 per cent of those without children.
The six-figure illusion
Perhaps the most pointed finding for advisors working with higher-income clients: more than one-third of working Canadians in households earning $100,000 or more could cover no more than two months of expenses if they lost their job. Only 36 per cent of those in six-figure households could cover six months or more, meaning roughly as many high-income Canadians have two months or less saved as have a six-month-or-longer financial cushion.
As Wealth Professional has covered extensively on financial stress and client behaviour, the assumption that higher earnings insulate clients from financial anxiety or from gaps in their emergency preparedness, is one that the data consistently does not support.
A generational split worth watching
The national data also reveals a counterintuitive generational pattern. Nearly three in 10 of Gen Z workers say they are more financially secure than they were 12 months ago, compared with 16 per cent of Millennials, 14 per cent of Gen X, and 14 per cent of Boomers.
Gen Z is significantly more likely than all three older generations to say its financial position has improved over the past year.
But feeling better off does not translate directly into resilience. Only 29 per cent of Gen Z workers could cover six months or more of expenses following a job loss, compared with 48 per cent of Boomers. Younger workers may be gaining income ground, but they remain far more exposed to financial shocks than their older counterparts.
As Wealth Professional has reported on engaging younger client segments, optimism about financial trajectory does not always prompt action on emergency savings or protection planning.
The FP Canada 2026 Financial Stress Index, based on a national survey of more than 2,000 Canadians conducted by Leger in January 2026, offers a useful counterpoint: Canadians who work with a financial professional are less likely to cite money as their top source of stress (34 per cent versus 48 per cent among those without a financial professional).
Across income levels, generations, and family structures, the data suggests the advisor relationship remains one of the most effective tools available for translating financial anxiety into a workable plan.
