New online tool helps Canadians track financial health
Despite good financial habits, two-thirds of Canadians still feel stressed about finances
January 22, 2025
Toronto, ON [Jan 22, 2025] – Wealthsimple, the money management platform on a mission to help Canadians achieve financial freedom, today launched an online tool to help Canadians better understand how they’re progressing against their financial goals.
While social media has made it increasingly easy to stay connected with friends and family, many Canadians are finding it disconnects them from their financial goals. Scrolling feeds filled with glitzy vacations, big purchases, promotions, and more can give viewers the impression that no one is feeling financial stress and everyone else is better off, financially, than they are. Wealthsimple surveyed 2,500 Canadians* about their financial goals and the personal circumstances that are helping – or not helping – them.
“We often hear from our clients how discouraged they’re feeling about their finances. Quite frankly, they’re being too hard on themselves,” said Justin Leon, financial advisor, Wealthsimple. “The reality is, many of our clients are on the right path. By understanding how their financial situation compares to others in similar situations, they can either make better decisions or be encouraged to keep going!”
Wealthsimple’s new online tool compares financial progress across ages, income levels, living arrangements, location, asset ownership and more. Anyone can use the interactive charts to gain insights about their finances relative to other Canadians.
Key findings include:
- Two-thirds of Canadians say they often feel stressed about finances.
- Nearly half of Canadians earning at least $100,000 a year are still stressed about money despite earning well above the national average of $57,100. Alberta has the largest percentage of six-figure income earners in Canada, while Atlantic Canadians tend to have lower annual salaries than the national average.
- Other groups more likely to feel anxious about money include renters, women, and people who live in big cities (especially Montreal) or come from Atlantic Canada.
- Canadians using registered investment accounts are savvy savers.
- 85% of TFSA holders have over $100,000 in retirement savings. 74% of Canadians with RRSPs have $100,000 or more in retirement savings.
- Less than half of Canadians with a high-interest savings account have surpassed $100,000 in savings.
- One in five Canadians bought a home with help from someone else (like a parent). In fact, 26% of Canadians 35 - 54 years old received help with the downpayment.
- Homebuyers in Toronto and Vancouver, two of the most expensive housing markets in Canada, were less likely to receive assistance than the national average.
- By contrast, homebuyers in Manitoba and Saskatchewan’s relatively more-affordable markets had the most help.
- Nearly two-thirds of Canadians pay off their credit cards every month.
- People living in Manitoba and Saskatchewan, business owners, and Canadians who earn $100,000 or more a year have higher credit card debt.
- Of those who do carry balances on their credit cards, the average amount is less than $5,000.
About Wealthsimple
Wealthsimple is one of Canada’s fastest growing and most trusted money management platforms. The company offers a full suite of simple, sophisticated financial products across managed investing, do-it-yourself trading, cryptocurrency, tax filing, spending and saving. Wealthsimple currently serves 3 million Canadians and holds over $50 billion in assets. The company was founded in 2014 by a team of financial experts and technology entrepreneurs, and is headquartered in Toronto, Canada. To learn more, visit www.wealthsimple.com.
Contact: press@wealthsimple.com
*These findings are from a survey conducted by Wealthsimple from November 12th to 19th, 2024, among a representative sample of 2,500 online 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 +/-2.0 percentage points, 19 times out of 20.