Financial vulnerability is a mainstream issue

More Canadians are feeling the effects of housing affordability, the high cost of living, and extreme weather events.

Did you know that 78% of Canadians have some level of financial vulnerability?

According to our peer-reviewed Index model, that’s almost 20 million people are vulnerable to financial stress and hardship. 19.2% of the population, representing 4.79 million Canadians, are ‘Extremely Vulnerable’.  This data is from our February 2024 report.

Based on the October 2023 Seymour Financial Resilience Index®.

’Extremely Vulnerable’ households have a financial resilience score of 0 to 30; ‘Financially Vulnerable’ a score of 30.01 to 50; ‘Approaching Resilience’ a score of 50.01 to 70, and ‘Financially Resilient’ a score of 70.01 to 100.

Financial vulnerability spans all income levels, but who’s hit the hardest?

Canadians who are more financially vulnerable, underserved, or facing systemic barriers, including:

Clear links exist between financial well-being and overall health and well-being

Respondents who scored as ‘Extremely Vulnerable’ through the Index were much more likely to report lower levels of emotional well‐being, physical well‐being, satisfaction with work, and feelings of connectedness with others. ‘Extremely Vulnerable’ families reported lower levels of well-being across all dimensions.

Based on the February 2024 Index:

• 66%  of people say money worries impact their mental health
• 68% say money worries cause emotional stress
• 42% say money worries impact their productivity or performance at work 
• 46% say money worries make them physically unwell
• 50% say money worries make them lose sleep at night

Learn more about financial health, resilience, inclusion and well-being in Canada:

Financial Inclusion and Access to Financial Help Challenges for more Financially Vulnerable or Underserved Populations

When individual Canadians thrive, so do families, small businesses, and the economy

Financial resilience and well-being of individuals support family and community well-being across generations. The health and resilience of small businesses are also critical to a thriving Canadian economy.

Financial vulnerability has multiple knock-on impacts on the health, resilience, and well-being of Canadians—not to mention on the resilience of communities and the economy. So what can we do about it?