Survey: Squeezed by inflation, nearly half of Canadians say they're in a worse financial shape than they were in January 2024
Tuesday, November 12, 2024
Willful's The Great Delay report reveals almost 3 in 4 (72%) Canadians have put off financial goals as economic pressures shift priorities
TORONTO, Nov. 4, 2024 /PRNewswire-PRWeb/ -- New research from Canada's leading online estate planning platform Willful reveals Canadians are feeling strained by ongoing economic pressures, with nearly half (42%) of respondents saying they're in a worse financial position than they were on January 1, 2024.
The tight economy is forcing people to reassess their financial goals, as more than two-thirds (72%) of the general population say they've delayed their financial to-do list, with parents with minor children hit the hardest (83%).
In recognition of Make a Will Month and Financial Literacy Month this November, Willful and Angus Reid conducted a survey examining the impact of rising costs and interest rates on Canadians' financial health. The Great Delay report, which surveyed over 1,000 people across the country, explores how these economic factors have affected both everyday finances and long-term goals. The full report can be accessed here.
The survey released today finds that:
Financial needs today come at the expense of saving for the future
The majority of Canadians have savings accounts, with nearly two-thirds (62%) of survey respondents holding a TFSA, almost two-thirds (60%) holding an RRSP, and one in three (30%) holding non-registered savings. But nearly half (48%) say they've had to dip into those savings to cover day-to-day expenses over the past 12 months.
Furthermore, a staggering 86% of survey respondents say they're concerned about the impact of inflation on their financial goals, with 39% pressing pause on saving for the future.
Tough economy, lack of future plans means most feel increased financial risk.
Challenging economic conditions and rising costs are making Canadians feel financially vulnerable, as 71% believe their financial risk has increased in the event of potentially unexpected events, such as death or emergencies.
However, a significant majority of respondents have not taken crucial steps for emergency planning, with 59% reporting that they don't have a will, 73% reporting they don't have power of attorney documents, and 65% don't have life insurance.
Parents feel the pinch the most
While the cost of living is on the rise for everyone, parents with young children have been hit particularly hard.
-- Young families reported a 25.9% price hike in household expenses,
compared to the 22% increase reported by the general population.
-- Over half of parents (52%) say their financial situation is worse now
than it was nine months ago (January 1, 2024), compared to 42% of all
survey respondents.
-- A notable 83% of parents with young children have delayed their
financial to-dos, compared to 72% of the general population.
"As the mom of two young children, I've experienced firsthand the rise in childcare costs, debt repayment, and housing expenses this year, and I've seen how the current economic climate has made it harder for families to look beyond their immediate financial needs, often pushing long-term planning to the back burner," said Erin Bury, Founder and CEO of Willful. "At Willful, we're committed to making future planning more accessible, so Canadians have peace of mind that their loved ones are protected -- no matter what lies ahead."
How you can start planning for the future today
To help Canadians achieve their financial goals, Willful is on a mission to make estate planning more accessible for all. On November 12, Willful will be hosting a free, virtual 'Estate Planning 101' workshop to educate attendees about the significance of estate planning and empower individuals to take control of their financial futures.
For those looking to kickstart their financial to-do list with a will, Willful is offering a 25% discount on all of its plans during Make a Will Month. When customers purchase the Premium x 2 plan, which includes wills and power of attorney documents for two people, they will also receive a bonus $25 gift card to a retailer of their choice. This offer is valid from November 5 to 18, 2024.
Recognizing the importance of community engagement and education, Willful is also working with its roster of financial and community partners throughout November to bring more estate planning awareness and educational content to Canadians as part of its broader commitment to elevate financial literacy:
-- Willful is partnering with Nextdoor, the neighbourhood network, to host
a pop-up "Make a Will" Open House at the Corktown Staples location in
Toronto, where attendees from local Nextdoor communities can get their
will printed and witnessed for free.
-- Wealthsimple recently launched its Perks program for customers,
rewarding Premium and Generation clients with a free Willful Premium
Coverage plan.
About Willful
Willful makes it affordable, convenient, and easy for Canadians to create a legal will and other estate planning documents online by following a clear step-by-step process. Willful's platform was developed in collaboration with leading estate lawyers, and has pricing plans starting at $99. Willful is available in all 10 provinces, with a fully bilingual offering in Quebec. Since launching in 2017, Willful has helped Canadians create over 300,000 documents. To get started, visit willful.co
Survey Methodology
These are the findings of a survey conducted by Willful from September 27th - October 2nd, 2024 among a representative sample of 1,009 online respondents in Canada 18+ who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-3.1 percentage points, 19 times out of 20.
Media Contact
Erin Bury, Willful, 1 18882130516, erin@willful.co
Charlize Alcaraz, Category Communications, charlize@categorycomms.com
View original content:https://www.prweb.com/releases/survey-squeezed-by-inflation-nearly-half-of-canadians-say-theyre-in-a-worse-financial-shape-than-they-were-in-january-2024-302295146.html
SOURCE Willful
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