A new survey from EQ Bank finds Canadians are adjusting their spending habits amid economic uncertainty and pausing on larger purchases to build up emergency savings.
The survey found that 53 per cent of respondents increased the size of their emergency savings over the past three months or are considering doing so. Another 45 per cent of respondents indicated they are holding off on major purchases or life events, in order to prioritize building up their emergency savings.
“Canadians are responding thoughtfully to economic uncertainty, with nearly two-thirds now holding emergency savings and many choosing to grow it further to stay resilient and manage the impacts of the trade war,” Dan Broten, SVP and head of EQ Bank, said in a statement to BNNBloomberg.ca
Among those who are delaying a “medium sized” purchase, 35 per cent of respondents said they are delaying a health-related purchase like dental supplements or physiotherapy.
About half of respondents said a larger emergency fund can help mitigate anxiety about the future.
Additionally, nearly half of respondents said they are worried about higher living costs or higher inflation due to tariffs.
Broten said now is a “crucial moment” for Canadians to evaluate what savings vehicles they are using to build their emergency fund.
“Does it sit idle and lose value with time, or does it earn interest and keep pace with rising costs? Are the funds easily accessible? Is it eligible for CDIC protection? These aspects can have a big impact on Canadians’ financial stability,” he said
Methodology
Survey results were gathered between April 15 to April 17 among a representative sample of 1,525 online Canadians who are members of the Angus Reid Forum. The survey was conducted in both French and English.
