The Rising Cost of Living is Forcing Canadians to Put Their Financial Goals on Hold
As inflation continues to rise, many Canadians are being forced to focus their resources on day-to-day expenses, pushing important long-term financial goals into a “great delay,” according to a recent survey reported from Willful.
Over 1,000 people in Canada were surveyed to better understand how rising costs are impacting financial planning decisions across the country.
More Canadians are recognizing their financial vulnerability, as 71% report that they feel their financial risk has increased in the event of unexpected situations like emergencies or death. As a result, 40% of people surveyed have paused saving for the future, while 32% have delayed paying off debt.
As we look ahead to 2025, it is essential to prioritize key financial decisions, from paying down debt to updating important documents especially after major life changes. Setting realistic goals and regularly reviewing your financial plan with your spouse as well as a financial advisor will help ensure you are prepared for whatever comes next.
For more detailed insights and data, including the full survey results, be sure to check out the full report here.