Rising Gas Prices Push Nearly One-Third of Canadians Into Financial Strain: Poll

Nearly one-third of Canadians report that their personal financial situation has deteriorated over the past month, as rising gas prices and inflation continue to strain household budgets, according to a new national poll.

The survey, conducted by Canada Pulse Insights for CityNews, highlights growing economic anxiety amid global instability and increasing living costs. While 60 per cent of respondents said their financial situation remained unchanged, only one in 10 reported any improvement.

The findings point to a widening gap between income groups and regions, with lower-income households feeling the greatest pressure. Among those earning $50,000 or less annually, 40 per cent said their financial situation had worsened. Regionally, Atlantic Canada recorded the highest level of financial decline at 37 per cent, followed by British Columbia at 35 per cent and Alberta at 34 per cent.

In contrast, modest signs of financial improvement were reported among younger Canadians and higher earners. Respondents aged 18 to 24 showed the highest level of improvement at 14 per cent, along with men at 13 per cent and individuals earning above $50,000 annually at 11 per cent. Quebec also stood out, with 14 per cent of respondents indicating better financial conditions.

Despite these pockets of improvement, overall sentiment remains cautious. Nearly 80 per cent of Canadians surveyed expressed concern about their ability to manage daily personal or family expenses. More than one-third, or 34 per cent, said they are likely to struggle to make ends meet in the near future.

Economic insecurity is also reflected in employment concerns. Fourteen per cent of respondents said they fear losing their job or facing reduced work opportunities, which could further limit their ability to afford essential goods and services.

Debt-related stress is also rising. About 13 per cent of Canadians indicated they may default on loan or mortgage payments, while seven per cent said they could be forced to declare bankruptcy if financial pressures persist.

The poll comes as fuel costs continue to surge across the country. Gas prices were expected to increase by 10 cents per litre on Wednesday, reaching 195.9 cents per litre — the highest level since the summer of 2022. Prices have been climbing steadily since late April, with frequent daily increases driven by global supply constraints and higher refining costs.

The continued rise in fuel prices is compounding inflationary pressures, affecting transportation costs, food prices, and overall household spending. Analysts warn that if current trends continue, financial strain could deepen for a larger portion of the population in the coming months.

The survey was conducted between April 24 and April 28, 2026, among 1,547 Canadian adults using an online panel. The results carry a margin of error of plus or minus 2.5 percentage points, 19 times out of 20.

As economic uncertainty grows, the findings underscore the challenges facing Canadian households and the increasing importance of policy responses aimed at easing cost-of-living pressures.

Courtesy: City News