Over half say income can't cover basics as investors seek advice and younger clients refocus priorities
More than half of Canadians say their income no longer covers the cost of essential living expenses, as new survey data reveals rising financial pressure, growing mental health concerns, and shifting priorities around saving and investing.
In a national survey conducted by Harris & Partners, 57.3 percent of 1,655 respondents said their current income is not enough to pay for rent, food, and utility bills.
“More than half of Canadians feel they’re falling behind financially,” said Joshua Harris, CEO of Harris & Partners. He added that this wasn’t due to poor decisions, but because incomes are no longer keeping pace with the rising cost of living.
The survey also found that financial distress is no longer concentrated in specific groups, with people across all ages, professions, and regions reporting challenges.
Many are using credit to cover everyday costs or delaying bill payments, accelerating debt and deepening stress. “We’re not talking about luxuries here — we’re talking about the basics,” said Harris.
The emotional toll is growing alongside the financial strain.
Harris said more people are reaching out not only for debt solutions but because they are “emotionally and mentally exhausted by trying to stay afloat.” He noted that when individuals feel they’re working hard yet still unable to make ends meet, it leads to a growing sense of hopelessness.
While some are overwhelmed, others—particularly younger Canadians—are reevaluating how and where they place their financial goals.
As reported by Wealth Professional, advisors Tara Lalehparvar and Curtis Holt-Robinson of Skyward Financial said many Gen Z and Millennial clients are prioritising experiences over traditional assets.
“Younger people’s hopes and goals have been placed into a different box… labelled as experiences and travelling,” said Lalehparvar.
These clients, they said, are still saving and investing—but the motivation is different.
The goal is often early retirement or reduced full-time work, allowing for more time to spend on meaningful experiences.
Holt-Robinson said that understanding this mindset can influence how clients respond. “If you ask questions that are genuinely focused on getting to know them, clients will say the most incredible things about their value system,” she said.
The shift in priorities comes at a time when market uncertainty is pushing more people toward financial guidance.
A J.D. Power survey released May 13, found that 31 percent of self-directed investors plan to consult an advisor within the next year.
Demand is highest among younger investors, with 59 percent of Gen Z and 49 percent of Millennials showing interest in advice.
The survey also reported that 45 percent of investors feel their financial stress has increased. Nearly half (47 percent) said they’ve never faced a tougher investment climate.
Trade tensions, especially with the United States, are contributing to unease.
While Finance Minister François-Philippe Champagne confirmed that some tariffs have been paused, he noted that a full withdrawal is not imminent.
Wealth Professional said that concern about the economic impact of tariffs is widespread.
Among investors aged 45–60, 41 percent expect tariffs to worsen their personal finances, compared to 38 percent of those over 60.
Overall, 57 percent believe tariffs will hurt their investments over the next 12 months.
Yet despite these concerns, support for retaliatory tariffs remains strong—85 percent of Canadian investors back such measures, with 48 percent expressing “extreme” support.
Still, 46 percent said they plan to take no immediate action, while 44 percent expect to invest in Canadian companies and 10 percent said they will sell US company shares.
Older Canadians express particular pessimism.
Among those over 60, 28 percent expect their financial situation to worsen in the coming year, compared to 23 percent of the broader investor base.
Amid this uncertainty, Harris & Partners is calling for structural reforms, including improved access to financial advice, better financial literacy, and a national dialogue on wage adequacy.
“Canadians are doing their best. They’re budgeting, cutting back, and working harder than ever,” said Harris. But he noted that without broader structural change, personal effort has its limits.
“We need to ensure that work pays enough to live — not just survive,” he said.
