New report finds more Canadians delaying major goals as tariffs and job woes deepen stress
As economic headwinds persist Canadians are putting off key financial goals for another year.
Despite easing inflation and lower interest rates, household budgets remain under siege from tariffs, rising living costs, and job insecurity, as highlighted in The Great Delay, a new report from Willful, released today (Oct. 30).
The study polled over 1,500 adults across the country and found that only 46% of respondents feel optimistic about their financial outlook, down from 54% last year. More than a third said they are financially worse off than in 2024, and nearly half have had to dip into their savings just to cover everyday expenses.
Fifty-three percent said tariffs have made it harder to budget for essentials like groceries and gas, while 44% cited layoffs and unemployment as major stressors, and 31% said rising mortgage renewal costs have pushed back their financial goals.
Willful’s findings show that while 51% of Canadians intended to pay off debt in 2024, only 26% managed to do so in 2025. Just 9% of those who planned to write or update a will followed through and only 6% completed power of attorney documents. Even milestones like buying a home or starting a business have largely stalled, as families focus on immediate survival.
“Many Canadians spent this year in survival mode, focused on keeping up with rising day-to-day costs rather than making progress toward securing their financial futures,” said Erin Bury, co-founder and CEO of Willful. “When every dollar feels spoken for, it’s natural for long-term goals like saving, investing, or estate planning to fall off the list. But these are the very steps that can restore a sense of stability and confidence when everything else feels uncertain.”
The report also highlights how unprepared many remain for emergencies with only 40% having a will, 34% carrying life insurance, and 24% having power of attorney documents. This was virtually unchanged from last year. Over a third haven’t even discussed an emergency plan with family members.
Wilful has teamed up with financial institutions to ease the creation of wills during Make a Will Month and Financial Literacy Month and recently introduced Willful for Professionals, a platform designed specifically for advisors to make it easier to initiate estate planning discussions, deepen client relationships across generations, and integrate legacy planning without requiring advisors to become legal experts.
