Financial stress hits record levels as Canadians spend every dollar they earn
“The research continues to show that consistent saving behaviours are the key to having options when faced with an emergency,” he said. “Without those habits of building emergency liquidity, Canadians have fewer ways to protect themselves from external pressures such as inflation, rising interest rates and tariffs, leaving many slipping further into bad debt, pulling from retirement savings and unprepared for the road ahead.”
What advisors can do
The survey points to one practical lever with strong uptake: payroll-based savings programs. While only 23 per cent of workers currently have access to a Pay Yourself First program – in which a portion of each paycheque is directed into savings before the remainder is received – 78 per cent participate when such a program is offered. Close to half, 48 per cent, say they would value an employer-sponsored emergency savings program.
For advisors, this data reinforces the case for structured saving strategies that remove decision-making from the equation. Recommending automated contributions, redirecting tax refunds or bonuses toward savings before they reach a chequing account, and prioritising high-interest debt repayment are low-friction steps that align with what the research shows works.
“Small, meaningful actions, especially when supported through payroll, can help workers rebuild resilience, regain control and begin moving away from financial crisis,” said Tzanetakis.
