A recent study finds that confidence in personal finances is dropping across British Columbia, as families struggle with higher prices, tariffs, and unstable job situations. CTV
A new report shows that financial optimism in British Columbia continues to decline as families struggle with the rising cost of living, job uncertainty, and higher mortgage payments.
The 2025 Great Delay Report by Willful found that only 46 per cent of British Columbians feel positive about their financial outlook — a drop from 50 per cent last year. Nearly half, about 48 per cent, said they’ve had to dip into their savings just to handle daily expenses like food, gas, and bills.
Tariffs and Job Worries Cause Strain
The study revealed that 55 per cent of residents believe tariffs have made it harder to budget for essentials. Many also said that job losses and insecurity continue to weigh heavily on their minds.
More than half of those surveyed pointed to unemployment fears as one of their biggest sources of stress. Meanwhile, 26 per cent said the steep rise in mortgage renewal costs has disrupted their household finances and forced them to delay key goals such as paying off debt or saving for a home.
On average, respondents said they would need an extra $881 per month to meet their financial targets, whether for debt payments, savings, or long-term investments.
Financial Goals on Hold
The report, which surveyed more than 1,500 Canadians, found that 62 per cent of British Columbians have postponed at least one major financial milestone in 2025.
Only 25 per cent were able to pay down debt this year, compared to nearly half who had planned to do so in 2024. Just 32 per cent managed to save any money for the future, showing how deeply economic pressures are affecting everyday households.
Erin Bury, Willful’s CEO and co-founder, said many families have spent the year focused on short-term survival.
“When every dollar feels spoken for, it’s natural for long-term goals like saving, investing, or estate planning to fall off the list,” she said. “But these are the very steps that can restore a sense of stability and confidence when everything else feels uncertain.”
Few Households Ready for Emergencies
The report also pointed to worrying trends in financial preparedness. Only 40 per cent of British Columbians have a will, while 34 per cent carry life insurance and just 24 per cent have power of attorney documents. These numbers remain largely unchanged from the previous year.
Experts say that while families continue to face growing financial challenges, planning ahead can help them regain control and confidence.
The release of the report coincides with Make a Will Month and Financial Literacy Month, both recognized in November — a timely reminder for families to strengthen their financial plans and prepare for the unexpected.
