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Managing money has always had its challenges, but lately, many Canadians are experiencing increased financial pressure. Between rising costs, higher interest rates, and broader global uncertainty, many Canadians are feeling it in multiple areas at once.
Cost of living is still the biggest pressure
Even as inflation slows, everyday costs remain elevated.
According to Statistics Canada, the Consumer Price Index rose 3.4% year-over-year in 2024, with essentials like food and shelter continuing to drive higher costs [1].
For many households, it’s less about prices rising quickly and more about them staying high, making it harder to keep up without adjusting spending.
Debt is getting more expensive to carry
Debt levels remain high, particularly for credit cards and personal loans.
Data from Equifax Canada shows that non-mortgage consumer debt reached around $646 billion in 2024, with credit card balances continuing to increase [2].
With higher interest rates, carrying balances now costs significantly more, adding pressure to monthly finances.
Savings are harder to build and maintain
With more income going toward essentials, saving has taken a back seat for many.
According to the Bank of Canada, household savings rates have declined as cost pressures increased [3].
This may result in some Canadians saving less or using savings to cover expenses.
Financial stress is still widespread
Financial pressure isn’t just about numbers, it’s also mental.
According to FP Canada, money remains one of the top sources of stress for Canadians [4].
That stress can make it harder to stay consistent and make long-term financial decisions.
Global uncertainty is still playing a role
Ongoing geopolitical tensions and economic uncertainty continue to affect things like energy prices, supply chains, and overall market conditions.
While it may feel distant, it can contribute to higher costs and shifting economic conditions locally.
The bottom line
Financial pressure today isn’t coming from just one place. It’s a mix of higher costs, more expensive debt, lower savings, and broader uncertainty.
Understanding these pressures can make it easier to adjust and better understand their financial situation moving forward.
Sources:
[1]: https://www150.statcan.gc.ca/n1/daily-quotidien/240417/dq240417a-eng.htm
[2]: https://www.consumer.equifax.ca/about-equifax/press-releases/-/blogs/canadian-consumer-debt-rises
[3]: https://www.bankofcanada.ca/2024/03/household-finances-and-consumption/
[4]: https://www.fpcanada.ca/docs/professionalsitelibraries/fsi/fsi-2025-results-deck—fp-canada.pdf
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