Approximately 22% to 49% of Canadians report having no savings, depending on whether the survey focuses on general savings or specific emergency funds. Roughly half (49%) lack emergency savings, while 22% have no savings at all. High living costs are the primary barrier, with many living paycheque to paycheque.
While most Canadians are struggling to save amidst a high cost of living, women are particularly affected. Half (49%) of all Canadian women have less than $5,000 in savings and almost a third (28%) have no savings (compared to 33% and 17% of men, respectively), which is stable year over year from 2023.
Hence, it comes as no surprise that an average Canadian under 35 has average savings of $35,692 in non-pension assets, such as mutual funds, stocks, Tax-Free Savings Accounts (TFSAs), and deposits in financial institutions. The above number excludes investments in private and employer-sponsored pensions.
The Financial Consumer Agency of Canada also found more than half of Canadians (54 per cent) are struggling to pay bills, and the OSB said 4.2 out of every 1,000 adult Canadians filed for insolvency in 2024, the highest rate since 2019.
Millions of Canadians are excluded and/or underserved by the banking sector. 3% of all Canadians – close to one million - are unbanked, meaning they have no relationship at all with a mainstream financial institution. In addition, 15% - or close to five million Canadians – are underbanked.
The poverty rate was 12.9% in Nova Scotia in 2023, down from 13.1% in 2022. This was tied for the highest poverty rate among provinces (with Saskatchewan). Nationally, 10.2% of the population were below the MBM poverty threshold.
According to Equifax, the average non-mortgage debt per consumer in Canada was $22,147 in the second quarter of 2025. Those between 26 and 65 carry the heaviest debt loads — between $27,000 and $34,000 on average — while younger adults (18–25) carry about $8,000, and seniors over 65 carry roughly $14,000.
Can you retire on $500,000 in Canada? Based on some of these rules, let's calculate what the retirement income would be. The average retirement age in Canada is 65. Estimating that the $500,000 is to last you 25 years, your yearly retirement income would be $20,000.
Both saving and debt repayment are critical for long-term financial health. An emergency fund should be established before aggressively paying off debt to protect against unexpected expenses. High-interest debt, such as credit cards or payday loans, often warrants faster repayment to save on interest.
If you've got $10,000 saved, you're ahead of most Canadians. 👉 About 26% can't cover a $500 emergency, and only 15% have saved more than $10K. Savings = peace of mind. How's your emergency fund looking?
If you plan to retire, how much do you think you'll need? Based on recent studies, the average Canadian feels they need around $1.42 million for a comfortable retirement. Several sources state the following key findings: A February 2024 BMO survey found that Canadians believe they need $1.7 million for retirement.
The bottom 50% of Americans have no retirement savings. That is a crisis. After a lifetime of work, you should not retire into poverty.
74% of Canadians worry they're not putting enough money into savings; 85% feel living paycheque to paycheque is the new norm; 78% likely to put less into savings in 2025, reveals new H&R Block study. 66% worry about their future financial well-being as they're not putting enough money aside.
In the Henley & Partners Global Investment Risk and Resilience Index 2025 report, Canada ranks at number 11 out of 150 countries, placing it among the world's safest investment destinations (1).
Canada's debt is mostly owned by Canadians—pension funds, banks, and even the Bank of Canada —so in that sense, we owe ourselves. The rest goes to global investors and funds, not one big country. Our government issues bonds, we buy them, and pay ourselves interest.
The region with the largest Indian population was Ontario, with 222 thousand, followed by Manitoba, which counted 164 thousand Indians. The regions with the smallest Indian populations were Yukon, and Northwest Territories.
The average retirement age in Canada is 65, which is also the eligibility age for government benefits like the Canada Pension Plan (CPP) and Old Age Security (OAS).
The most common are cancers, cardiovascular diseases, chronic respiratory diseases and diabetes. Unhealthy eating, physical inactivity, harmful use of alcohol and tobacco use are major contributors to the burden of chronic diseases. We provide expertise and support for the prevention of chronic diseases and conditions.