'With planning and a disciplined approach to spending, Canadians will be empowered to navigate the challenging environment'
Canadians’ concerns about their personal finances have surged amid mounting economic uncertainty and market volatility, according to a recent report from BMO Financial Group.
Nearly three in five (58%) respondents said they were more concerned about their financial situation in April—a 16-point jump from 42% in March.
Worry levels surrounding specific issues have also intensified:
Among age groups, Boomers expressed the greatest concerns about:
Already, 74% of Canadians worry they’re not saving enough, according to a previous H&R Block Canada report.
“Canadian consumer confidence recently plummeted to the lowest depths in at least six decades on fears that the trade war will cost people their jobs and undermine their financial security. However, sentiment improved modestly in April amid a partial de-escalation of the trade war. A more recent recovery in equity markets should support confidence further in May,” says Sal Guatieri, senior economist at BMO.
“While BMO Economics is concerned about the economic impact of tariffs, we are less worried about the inflation outlook, as retaliatory tariffs on imports from the U.S. have been restrained. CPI inflation will likely hold close to the Bank of Canada’s 2% target this year, paving the way for some further reductions in policy rates.”
In addition to financial concerns, nearly one in four (24%) Canadians reported in April that they are increasingly anxious about the prospect of losing their job. These findings come from two BMO surveys: one of 2,500 adults conducted from March 3 to 26, 2025, and another of 2,001 Canadians polled from April 17 to 20, 2025.
Gen Z stood workers have the highest anxiety about losing their job, with 37% expressing concern.
More than four in 10 (42%) of Canadians who are currently employed fear losing their job within the next 12 months, according to a previous Leger survey.
“Many Canadians and their families are understandably more concerned about their finances and are taking proactive steps to protect their financial future,” says Anthony Tintinalli, head of specialised sales at BMO.
Financial wellness programs have emerged as a strategic imperative for employers. These initiatives can reduce stress, boost productivity, and improve talent acquisition and retention, according to Manulife.
A financial wellness program could include personal advice from a financial advisor, webinars, emails, newsletters, and online tools covering topics like budgeting, debt reduction, setting financial goals, and planning for different life stages, the insurer notes.
“Financial wellness programs can also have a positive effect on retirement savings.”
Meanwhile, the Financial Consumer Agency of Canada has shared a number of tools and guidance to help organisations enhance their existing financial wellness initiatives.
“With planning and a disciplined approach to spending, Canadians will be empowered to navigate the challenging environment, achieve their financial goals, and make real financial progress with confidence,” says Tintinalli.
