New Survey Finds 61% of Canadians Are Reconsidering Major Life Decisions Due to Increasing Cost of Living
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VANCOUVER, British Columbia — This morning, Canadian fintech Spring Financial released its inaugural Spring Clean Your Finances Report. The report takes a deep dive into how Canadians are approaching big financial goals including emergency funds, retirement savings, major life expenses, and 2025 travel plans.
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According to the report, over half of Canadians (61%) say that the rising cost of living is making them reconsider major life decisions, a number that's even higher (70%) for parents with kids at home, and a staggering 44% do not believe they will be financially secure in retirement.
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'We support millions of Canadians that need financial support, often for unexpected expenses that simply stretch their bank account too far,' shared Tyler Thielmann, President and CEO of Spring Financial. 'To see how many Canadians currently feel unable to save money for an emergency is disheartening which is why we're encouraging Canadians to spring clean their finances this season. This is truly a great time to pause, assess, and make a plan to help set yourself up for a successful financial future.'
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Detailed report findings include:
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Saving Stressors
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41% of Canadians are not currently able to save money each month after paying for all their necessary expenses.
70% of Canadians have money set aside to use in case of an emergency however 40% of Canadians are financially unable to save enough for an emergency or rainy-day fund.
79% of Canadians feel confident in their financial knowledge and ability to manage their money.
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Vacation Reservations
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Over half of Canadians (61%) are planning to cut back on vacations or travel this summer.
One fifth (20%) of Canadians shared that they have taken on debt specifically to fund a vacation before.
Over one quarter (37%) of parents with children at home have taken on debt specifically to fund a vacation before.
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Risky Retirement
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Just over half of Canadians (54%) believe they will be financially secure in retirement.
Millennials (50%) and Gen X (52%) are the most likely to feel financially unprepared for retirement
Baby Boomers (68%) and Gen Z (53%) are most likely to feel financially prepared for retirement.
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Parenting Pressure
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Parents with kids at home are less likely to:
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have a budget (60% vs. 64%)
be able to put money away each month (53% vs. 61%)
have an emergency fund already set aside for unforeseen expenses (64% vs. 72%), and
be able to save emergency fund money every month (51% vs. 63%).
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'For anyone looking to review their finances, we recommend starting with an assessment of your current financial situation and goals,' added Thielmann. 'Reviewing your income and expenses, creating a budget, and planning for major expenses –whether that's travel, buying a home, or building an emergency fund– can help build a strong foundation for your financial future.'
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For more information about this report, visit springfinancial.ca.
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These findings are from a survey conducted by Spring Financial from March 13th to March 17th, 2025, among a representative sample of 1,500 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.53 percentage points 19 times out of 20.
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Spring Financial provides Canadians with quick access to financing. With a convenient process that can be done entirely on your device, Spring Financial is an easy and technologically advanced solution to securing a loan when the need arises. Customers are given the best-fit option from a suite of financial products that are designed and offered based on their profile. Spring Financial makes borrowing smarter, more transparent and more efficient. Since launching in 2014, Spring Financial has become one of the largest fintech companies in Canada with over two million applicants and 350,000 funded loans. To learn more about Spring Financial, visit springfinancial.ca.
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