Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomePersonal FinanceCanadians still feel financially stretched despite improvement: TransUnion surveyThe survey said 45 per cent of Canadians expressed optimism about their household finances over the next 12 months You can save this article by registering for free here. Or sign-in if you have an account.The credit reporting agency said Canadians are making deliberate trade-offs to manage their budgets as they remain focused on essential expenses. Photo by Artur Widak/NurPhoto via Getty ImagesWe independently select everything we recommend. Buying through us may earn us a commission, which supports our work.Canadians continue to feel affordability pressures even as they show modest signs of financial improvement, a survey by TransUnion Canada said.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorWhile its survey suggests a gradual improvement in Canadians’ financial health, driven by stronger household incomes and growing confidence about the year ahead, many households continue to feel financially stretched.“While improving incomes and easing economic conditions are helping households regain their footing, affordability continues to shape everyday financial decisions,” said Matt Fabian, senior director of financial services research and consulting at TransUnion Canada.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againOne-quarter of consumers reported an increase in household income over the past three months, while nearly one in four said their finances are better than expected so far this year – the highest level recorded in the past year, the survey said. However, those gains do not appear to have translated into broad financial relief.Fabian said many Canadians have adapted to sustained periods of economic uncertainty and continue to make choices through an affordability lens. They’ve become more intentional with how they spend, borrow and manage their financial health as they adapt to a higher-cost environment, he added.The survey said 45 per cent of Canadians expressed optimism about their household finances over the next 12 months, but despite this improvement, half say their income isn’t keeping pace with inflation, which has been ranked by 86 per cent of respondents among their top three household financial concerns.The credit reporting agency said Canadians are making deliberate trade-offs to manage their budgets as they remain focused on essential expenses while remaining selective about discretionary purchases.Some of these include 51 per cent cutting back on discretionary spending, such as dining out, travel and entertainment, 26 per cent are cancelling subscriptions or memberships, and 18 per cent choosing to pay down debt obligations faster, TransUnion said.Meanwhile, among those surveyed, 11 per cent increased discretionary spending, up three percentage points year over year, signalling early signs that some households are beginning to regain financial flexibility. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.