More than half of Canadians say their income doesn't cover basic needs
Canadians have told a new national survey that their income just isn’t enough to keep up.
The research from licensed insolvency trustee firm Harris & Partners reveals that 57% of Canadians say they can no longer afford to cover essential costs like rent, groceries, and bills on their current income.
The firm has previously called for long term solutions for a ‘financial pressure cooker’ that is causing Canadian workers real anguish.
“This isn’t about overspending or bad budgeting,” says Joshua Harris, CEO of Harris & Partners. “More than half the country is telling us they’re falling behind — not because they’re irresponsible, but because the cost of living keeps rising while their wages don’t.”
The survey, which included responses from 1,731 people, paints a clear picture of a nation under financial strain, following two years of increased inflation and housing costs while wages for many have barely moved.
The result is a growing gap between what Canadians earn and what they need just to get by.
While the Conference Board of Canada’s recent analysis reveals that wages rose by an average 3% in 2024, outpacing the 2.4% rate of inflation, this was the first time in three years that this has been the case.
The financial pressure is affecting people across all ages, industries, and regions with many now turning to credit just to afford day-to-day essentials. Others are skipping bills or juggling payments, which can quickly spiral into long-term debt and mounting anxiety.
This week, Statistics Canada reported that wealth inequality in Canada is getting worse as the richest get richer while those on more modest incomes see their finances stagnate.
“When people are working full-time and still can’t afford rent or food, that’s not a personal failing — it’s a systemic one,” Harris says. “We’re talking about the basics here. No one should be struggling this hard just to live.”
The research also reports an uptick in clients seeking not just financial relief, but mental health support. Financial stress is increasingly linked to burnout, depression, and a deepening sense of hopelessness.
Harris is calling for broader support, better financial education, improved access to professional help, and a serious look at wage adequacy in today’s economy.
“Canadians are doing their part,” Harris says. “But unless we address the root causes, we’re just asking people to work harder while falling further behind.”
