Across Canada, financial anxiety driven by rising costs of food, housing, and energy is taking a toll on well-being, according to a new United Way Centraide Canada (UWCC) poll conducted by Léger.
Key Findings on Financial Stress
The survey reveals that 40% of Canadians are losing sleep over stretching their paycheque, while 60% report anxiety about personal finances—up five points in just six months. Notably, 46% of people in Canada could cover basic expenses for only one month or less without going into debt if they lose their main source of income.
“This is the first comprehensive study we've done at UWCC, and what we really wanted to uncover is the financial stress people are under,” said Nicole McVan, vice-president of philanthropy and marketing at the United Way Greater Toronto.
Worsening Situations for Many
The poll also found that 27% of respondents said their financial situation has worsened in the last six months. Single parents (58%) and newcomers (54%) are more likely to be unable to cover basic expenses after one month without debt, while younger adults aged 18 to 34 face significantly higher anxiety levels.
“The second key finding is that 27 per cent of people said their situation has worsened in the last six months,” McVan said. The findings point to a “deepening fracture” in financial stability affecting even those who once considered themselves financially secure.
Housing Initiatives and Support
Despite the troubling results, McVan applauded efforts to increase Canada’s housing supply. “We're very encouraged by the government taking new initiatives to build and create more affordable and deeply affordable housing through Build Canada Homes and a few other initiatives,” she said. UWCC also works with non-profit and cooperative housing to create more spaces.
The organization invests about $600 million annually in programs ranging from housing assistance and poverty reduction to long-term financial literacy. UWCC is a founding partner of 211, a free, confidential, 24/7 service connecting people to community, social, health, and government services.
“The stats reveal a real need to increase services for folks to ensure should something go wrong with their employment situation, or they have a huge bill, that they have food, shelter and the programming to support them,” McVan added.
