Financial anxiety grips 60% of Canadians as housing costs take their toll

A new national poll has found that financial anxiety now affects approximately 60 per cent of people in Canada. That’s a five-point jump in just six months.

The United Way Centraide Canada (UWCC) Financial Anxiety Index, conducted by Léger between February 17 and March 11, 2026, surveyed 8,014 Canadians aged 18 or older. The national average score of 43.5 places most of the population in the “moderate-to-high” stress band.

For mortgage brokers, the data is more than a headline; it’s a look into the financial anxiety and stress that some clients may be facing.

The numbers brokers need to know

Forty-six per cent of Canadians said they could cover basic expenses for only one month or less before falling into debt — up four points from 42 per cent in late 2025. That figure maps closely to clients approaching mortgage renewal with little financial buffer.

The picture is compounded by separate RBC polling from November 2025, which found that nearly six in ten Canadians lack sufficient savings for unexpected expenses. This finding has direct implications for borrowers heading into renewal.

Financial anxiety is no longer concentrated in lower-income brackets. More than half of Canadians — 53 per cent — described their financial situation as “OK” or worse. Among that group:

• nearly a third said conditions had deteriorated in the past six months
• roughly a quarter expected things to get worse

Clients who appear serviceable on paper may be carrying stress that leaves them exposed to payment shock if rates shift or employment becomes uncertain.

The clients most at risk

The demographics carrying the most financial stress are not sitting on the sidelines; they are active buyers. Single parents (58 per cent) and newcomers to Canada (54 per cent) were the least able to cover basic expenses without going into debt after one month.

Both groups are active buyers in urban centres where homeownership remains a priority despite cost pressures. Brokers working with these clients should factor in their heightened financial vulnerability.

The poll quantified what financial stress is doing to people beyond their bank accounts:

• 40 per cent reported difficulty sleeping due to financial stress
• 38 per cent were experiencing food insecurity
• 34 per cent said financial worry was affecting their ability to concentrate at work or school

A client losing sleep over finances is more likely to make reactive decisions. This could look like taking a product that isn’t optimal, or locking into a rate out of fear rather than strategy.

What this financial anxiety means for brokers

The Canadian mortgage market is still adjusting to the rate environment of recent years. While the Bank of Canada has moved to ease borrowing costs from their recent peak, the affordability reset has been uneven.

Many clients renewing today are doing so with budgets thinned by grocery bills, utility costs, and stagnant wage growth. The proportion of Canadians who personally experienced poverty, or know someone close who has, rose to 39 per cent in April 2026 — up from 36 per cent in September 2025.

That creates a clear opportunity for brokers to lean into the advisory role. Clients dealing with financial anxiety need more than a rate comparison. They need a professional who can:

• help them understand their options clearly
• stress-test their situation honestly
• build a plan that accounts for real-world uncertainty

For more on how Canadian mortgage brokers are navigating affordability pressure and client uncertainty, read and bookmark Canadian Mortgage Professional’s Industry Trends section.