Growing number of Canadians say they're worse off financially than last year

Canadians continue to feel pressure on their wallets, with more reporting that they are worse off financially than a year ago.

That's according to a recently published report from Canadian online estate planning platform Willful.

The Great Delay report examined how a number of financial issues were impacting Canadians, and its findings were startling.

According to the report — which was informed by data collected by Angus Reid Forum in September — 40 per cent of Canadians said they were in a worse financial position than last year. This was a slight uptick from the 37 per cent who reported feeling the same way in 2025.

In terms of a generational breakdown, Gen X is feeling most of the stress, with 47 per cent saying they felt worse off, and over half (52 per cent) noting that their debt repayment costs went up.

Willful.

Surprisingly, Boomers were the least likely (13 per cent) to say they felt better off, compared to Gen Z, which was the only generation where there was a glimmer of positivity.

According to the report, 36 per cent of Gen Z respondents said they felt better off than worse off (29 per cent) when it came to their money.

Groceries and gas driving costs

When asked what was impacting their spending the most, almost all Canadians (97 per cent) said their grocery spending increased over the past year by an average of 21 per cent.

The majority of respondents (84 per cent) also noted that their spending on gas had increased by at least 25 per cent. Dining out and utilities were also areas of major spending.

Respondents also noted that overall inflation was a major factor in their personal costs increasing.

Willful.

Almost half (47 per cent) said they were dipping into their savings to cover daily expenses, with 82 per cent noting that they'd need an average of $818 of extra monthly income to help reach their financial goals.

Some respondents (seven per cent) also said they had no savings to dip into, while two-thirds of respondents (63 per cent) said they weren't ready to face a financial emergency.

Willfull noted that these stats serve as a "reminder that for a lot of households, savings aren't going towards a goal. They're covering the gap between paycheques."

The 'sandwich generation' is experiencing more strain

The survey sampled 1,501 adults across the country, focusing on a key subgroup known as the "sandwich generation," which is defined as people with a child of any age and at least one living parent.

Willful.

Findings highlighted that this group in particular is experiencing the strain of everyday costs and bills.

Compared to the average Canadian, those in the sandwich generation said they were more likely to experience costs increasing across several areas like childcare, supporting aging parents, debt repayments, and car payments.

But it's not all doom and gloom for the sandwich generation. The report noted that this group were more likely than other Canadians to save for the future and contribute to an RESP.