LANGLEY, B.C. — As British Columbians continue to navigate a prolonged cost-of-living crisis, new research reveals a deeper, emerging challenge: the erosion of financial resilience. While many households are still managing day-to-day expenses, their ability to save and prepare for the future is steadily declining.
Nearly half (48%) of British Columbians surveyed say they are saving less than they did a year ago, while 29% report they are unable to save at all. The findings point to growing challenges for households trying to build financial stability and prepare for unforeseen costs.
“This isn’t just pressure on day-to-day finances. It’s a gradual loss of financial resilience,” says Launi Skinner, CEO of Tru Cooperative Bank. “The ability to save and build an emergency fund is a key driver of financial health and confidence. When people can’t set money aside, even for something modest, it becomes much harder to handle everyday unexpected costs, like a significant car repair or an out-of-pocket medical expense.”
The findings suggest that many British Columbians are moving beyond short-term adjustments and into a more fragile financial position, where even small disruptions could have significant impacts.
These insights were further corroborated by Credit Counselling Society’s 2026 Consumer Debt Report, conducted earlier this year. The national survey noted a strong linkage between reduced savings capacity and increased debt load. 56% of Canadians with non-mortgage debt were found to have recently reduced or drawn down on savings or investments or otherwise borrowed money to help deal with their debt.
“Reduced savings capacity is often a sign of a more significant issue brewing,” says Peta Wales, CEO of Credit Counselling Society. “When cost of living increases start to outpace income, savings is often the first place they go before having to turn to credit to pay for essentials like groceries and rent.”
The survey findings also point to a broader shift in financial well-being across the province and in Canada, one that extends beyond immediate affordability concerns. Debt-related stress is widespread among Canadians, with 65% feeling concerned or anxious about what they owe, and 46% reporting that their debt has increased over the past year. Repayment pressures are also evident, as just over half (52%) say they are paying only slightly more than the minimum required.
While households continue to adapt, the loss of savings capacity points to growing difficulties in maintaining long-term financial and mental health, reinforcing the need for ongoing support, education and planning. The findings also point to the need for continued attention and coordinated action to help address the financial pressures facing households across British Columbia.
“When people are only able to pay the minimum owed or slightly more, unexpected expenses can quickly create more financial stress and uncertainty,” says Wales. “That’s why it’s important to seek advice early from a trusted source, whether that’s a bank, credit union or non-profit credit counsellor. The sooner people understand their options, the sooner they can regain a sense of control, confidence and hope.”
Many Canadians experience conflicting emotions when seeking financial help. While one-third (33%) say personal finance difficulties are what they worry about most, many remain uncomfortable talking about these concerns, highlighting an ongoing discomfort around money conversations.
About the surveys
The data and insights presented are the outcome of an economic outlook and sentiment survey conducted by Tru Cooperative Bank, in partnership with Environics Research, in May and June of 2026. A survey was conducted with a representative sample of 849 BC residents (aged 18 and over) drawn from an online panel, while a parallel survey was conducted with 600 members of Tru Cooperative Bank across British Columbia. The survey was designed to collect insight on current and evolving economic conditions in B.C. and how consumers are adapting to them. Because online surveys of the general public are not based on a random probability sample, no margin of error can be calculated. For more information on the survey, please contact mediarelations@trucooperativebank.ca.
The findings shared by the Credit Counselling Society are from a survey conducted between January 26th to 28th, 2026 among a representative sample of n=1222 online adult Canadians 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 ±2.80 percentage points, 19 times out of 20. For more information on their survey findings, please contact media@nomoredebts.org.
