Rising prices and economic uncertainty are forcing many Canadians to hit pause on their long-term dreams — from buying a home to saving for retirement — as they focus on keeping up with the cost of living.
A new report from Willful, an online estate planning platform, highlights how financial strain is reshaping priorities across the country. According to the survey, 58% of Canadians said the economy has pushed them to delay major milestones this year.
“The study shows the incongruity between intention and action,” said Erin Bury, co-founder and CEO of Willful. “We all intend to check these financial items off our list — and we don’t.
Sometimes that’s because of feasibility, because we simply just don’t have the means to do so, like the money to put into that RESP.”
The Angus Reid survey, conducted in early October 2025, gathered responses from over 1,500 Canadians about their financial optimism compared to last year. The findings reveal that nearly half (46%) of respondents have dipped into their savings just to cover everyday expenses — putting long-term goals further out of reach.
Delayed milestones and financial pressure
The milestones Canadians are deferring range from paying off debt and creating wills to saving for the future, buying homes, vehicles, or even getting married.
Federal government documents prepared for Housing Minister Gregor Robertson in September noted that lower-income households are struggling with affordability, while middle-class Canadians are renting longer than expected before entering the housing market.
High prices for essentials continue to weigh heavily on household budgets, making it harder to allocate money toward savings or future investments.
Optimism dips amid economic uncertainty
Financial confidence is also waning. When asked to rate their financial optimism, survey participants gave an average score of 46%, down from 52% in 2024.
“Last year at this time, we were talking a lot about inflation and how high interest rates were,” Bury explained.
“Fast forward a year, and now we’re talking more about mortgage renewals, job market uncertainty, and tariffs — not just the direct costs, but also the looming threat of how they may impact our finances in the future.”
Some relief comes with rate cuts
In September 2024, the Bank of Canada’s benchmark interest rate sat at 4.25%. Following the latest rate announcement, it now stands at 2.25%, offering some relief for households with variable-rate mortgages or loans.
While the cuts have slightly eased daily financial pressures for some, the benefits aren’t evenly felt. About 31% of respondents said lower rates have not helped their ability to manage debt or secure new loans.
“These rate cuts certainly help if you have a financial instrument that allows you to benefit from it,” Bury said.
“Will it help a lot? Well, it depends on the size of that product. You might save $5 next month — or a lot more. If you don’t have a variable rate mortgage or line of credit, it might not help at all.”
Big-ticket costs still bite
Even with minor savings, larger expenses — like mortgages, car payments, and childcare — remain difficult to reduce. Bury notes that while Canadians can find small ways to trim everyday costs, it’s the major financial commitments that cause the most strain.
“There’s no avoiding some of the day-to-day costs,” she said.
“When I look at the things on my own grocery list, like diapers, I have to get diapers. There’s nothing to do other than shop around — or lean on my in-laws’ Costco subscription. But when we look at the major items in our budgets, like mortgages and car payments, these are the ones that are a struggle to lower. That’s why there’s such a pressure on carving out the ability to save for the future.”
Finding security
In uncertain times, seeking the guidance of a trusted financial advisor can help you find stability and structure in your financial plan.
Whether it’s rebalancing your budget, exploring tax-efficient strategies, or building long-term savings, professional advice can make a measurable difference in protecting your financial future — even when the economic landscape feels challenging.
