Canadians are cutting insurance to save money: survey
Statistics Canada reported the Consumer Price Index rose 2.8 percent year over year in June, down from 3.2 percent in May but still adding to the cost of everyday essentials.
The agency’s household saving rate slid to 3.5 percent in the first quarter of 2026, its lowest since early 2024, as spending outpaced income growth, and the ratio of credit-market debt to disposable income rose for a sixth straight quarter.
That squeeze shapes how Canadians weigh risk.
More than half of respondents, 56 percent, worry that a single unexpected expense could force difficult financial choices, according to the survey, while 71 percent fear one surprise cost could undo months of progress toward their savings goals.
“With the cost of everyday essentials continuing to rise, it’s understandable that Canadians are taking a closer look at their household expenses,” said Kristen Gill, vice president of general insurance at TD Insurance.
