Insights on Canadian Society
Stretching the loonie: A time series analysis of financial difficulty and quality of life 
Text begins
Overview of the study
Using data from the Canadian Social Survey, this study examines changes over time to self-reported financial difficulty, and associations between financial difficulty, age and two well-being indicators: life satisfaction and future outlook.
- The percentage of Canadians reporting financial difficulty steadily increased by 4.8 percentage points per year from 2021 to 2025, alongside decreases in the percentage of those reporting high life satisfaction (-2.2 percentage points per year) and hopefulness for the future (-2.4 percentage points per year).
- Compared with older age groups, younger adults aged 25 to 44 were increasingly likely to report that they experienced financial difficulty (+5.4 percentage points per year). Meanwhile, the percentage reporting high life satisfaction decreased more rapidly than for older age groups (-4.0 percentage points per year).
- Younger adults aged 25 to 44 who also experienced financial difficulty were less likely to report high life satisfaction and hope for the future, or experienced greater declines during the past few years, compared with older age groups.
Introduction
The nation has weathered substantial socioeconomic change over the past few years. Between adjusting to life in a post-COVID-19 pandemic world, the accelerating progress of technology and global financial challenges, many Canadians continue to contend with difficulties around food security, housing affordability and the overall cost of living.Note In this context, regularly collected survey data on the well-being of Canadians provide a unique and timely opportunity to understand the social impacts of these challenges. Specifically, time series data can identify changes in subjective measures of well-being over time and identify groups that may experience greater declines in well-being.Note
The Canadian Social Survey (CSS), collected quarterly since the spring of 2021, has already provided valuable insights into changes to well-being over time. Specifically, the first 10 waves of the survey revealed steadily increasing levels of self-reported financial difficulty, alongside declining life satisfaction, with certain groups experiencing more rapid declines or consistently lower levels of well-being—including racialized people, people with disabilities and long-term conditions, and 2SLGBTQ+ people.Note
The three-way relationship between financial difficulty, age and life satisfaction has also been explored using CSS data up to and including the summer of 2024. Findings revealed greater declines in life satisfaction among those who were experiencing financial difficulty, linking some of these trends to larger socioeconomic challenges, such as housing affordability.Note
The present study builds on previous analyses by leveraging all waves of the CSS (up to and including data collected in the spring of 2025) to provide insights on changes over time in self-reported financial difficulty, and associations between financial difficulty, age and two well-being indicators: life satisfaction and future outlook. Both life satisfaction and future outlook are headline indicators of the Quality of Life Framework,Note intended to provide a high-level pulse check of overall quality of life and well-being in Canada.
Since 2021, self-reported financial difficulty has increased by nearly 5 percentage points per year
Statistics Canada estimates that the cumulative Consumer Price Index has risen by 1.9% year over year since August 2024. Relatedly, a growing number of Canadians are unable to meet basic needs, such as housing, food and transportation.Note These challenges in meeting basic needs have led to increased financial difficulty—with possible implications for overall well-being, particularly among vulnerable groups. To monitor this, the CSS asked respondents in every wave to rate how difficult it was for their household to meet their financial needs in terms of transportation, housing, food, clothing and other necessary expenses during the previous 12 months. The result is a time series that complements objective measures of inflation and income security by providing a subjective measure of how Canadians’ experiences of financial well-being have evolved over this four-year period, and by showing how this correlates with other subjective measures of well-being.
As of the spring of 2025, 39% of Canadians aged 15 and older reported that their household found it “difficult” or “very difficult” to meet their financial needs. This percentage had more than doubled since the summer of 2021 (19%)—representing an average increase of 4.8 percentage points per year, based on a line of best fit (Chart 1).
Data table for Chart 1
| Collection period | Total, Canadians aged 15 years and older | ||
|---|---|---|---|
| Mean | 95% confidence interval | ||
| Minus | Plus | ||
| percent | |||
|
|||
| 2021 | |||
| Summer | 18.6 | 1.1 | 1.1 |
| Fall | 20.7 | 1.1 | 1.1 |
| 2022 | |||
| Winter | 21.0 | 1.1 | 1.1 |
| Spring | 24.5 | 1.2 | 1.2 |
| Summer | 23.8 | 1.1 | 1.1 |
| Fall | 34.8 | 1.4 | 1.4 |
| 2023 | |||
| Winter | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period |
| Spring | 26.8 | 1.3 | 1.2 |
| Summer | 33.2 | 1.3 | 1.3 |
| Fall | 37.4 | 1.2 | 1.2 |
| 2024 | |||
| Winter | 32.8 | 1.1 | 1.1 |
| Spring | 39.3 | 1.3 | 1.3 |
| Summer | 35.1 | 1.2 | 1.2 |
| Fall | 35.8 | 1.4 | 1.4 |
| 2025 | |||
| Winter | 30.0 | 1.4 | 1.4 |
| Spring | 39.4 | 1.3 | 1.3 |
Age is an important consideration for contextualizing financial difficulty, life satisfaction and hopefulness, as it is correlated with many other unmeasured factors—for example, different generational experiences, perceptions and age-specific financial challenges. Examining changes in reported financial difficulty over time for different age groups revealed some unique age-related trends (Chart 2). While financial difficulty was more prevalent among young adults aged 25 to 44 than middle-aged adults aged 45 to 64 in most CSS waves, both groups experienced a similar worsening of financial difficulty over time—by 5.4 percentage points and 5.5 percentage points per year, respectively. Meanwhile, financial difficulty among seniors increased more slowly over this period, by 3.6 percentage points per year.
Data table for Chart 2
| Collection period | Selected age group | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 25 to 44 years | 45 to 64 years | 65 years and older | |||||||
| Mean | 95% confidence interval | Mean | 95% confidence interval | Mean | 95% confidence interval | ||||
| Minus | Plus | Minus | Plus | Minus | Plus | ||||
| percent | |||||||||
|
|||||||||
| 2021 | |||||||||
| Summer | 22.4 | 2.1 | 2.1 | 19.5 | 1.6 | 1.6 | 11.9 | 1.5 | 1.5 |
| Fall | 26.5 | 2.0 | 2.0 | 20.9 | 1.7 | 1.7 | 14.2 | 1.6 | 1.6 |
| 2022 | |||||||||
| Winter | 26.3 | 2.2 | 2.2 | 21.5 | 1.8 | 1.8 | 14.5 | 1.7 | 1.7 |
| Spring | 30.5 | 2.3 | 2.3 | 25.2 | 1.7 | 1.7 | 16.3 | 1.8 | 1.8 |
| Summer | 30.4 | 2.2 | 2.2 | 26.0 | 1.8 | 1.8 | 14.6 | 1.6 | 1.6 |
| Fall | 41.9 | 2.6 | 2.6 | 37.3 | 2.2 | 2.2 | 24.7 | 2.3 | 2.3 |
| 2023 | |||||||||
| Winter | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period |
| Spring | 32.4 | 2.6 | 2.6 | 29.5 | 2.1 | 2.1 | 16.0 | 1.9 | 1.9 |
| Summer | 39.5 | 2.6 | 2.6 | 36.6 | 1.9 | 1.9 | 24.1 | 2.0 | 2.0 |
| Fall | 45.2 | 2.4 | 2.4 | 38.2 | 2.0 | 2.0 | 27.2 | 2.1 | 2.1 |
| 2024 | |||||||||
| Winter | 41.3 | 2.2 | 2.2 | 34.4 | 1.7 | 1.7 | 20.9 | 1.5 | 1.5 |
| Spring | 47.8 | 2.5 | 2.5 | 42.6 | 2.1 | 2.1 | 26.3 | 2.0 | 2.0 |
| Summer | 42.5 | 2.4 | 2.4 | 37.3 | 2.0 | 2.0 | 22.6 | 1.9 | 1.9 |
| Fall | 44.3 | 2.7 | 2.7 | 38.2 | 2.3 | 2.3 | 24.1 | 2.0 | 2.0 |
| 2025 | |||||||||
| Winter | 33.8 | 2.6 | 2.6 | 35.4 | 2.4 | 2.4 | 21.2 | 1.9 | 1.9 |
| Spring | 46.1 | 2.5 | 2.5 | 40.4 | 2.1 | 2.1 | 29.4 | 2.1 | 2.1 |
Experiencing financial difficulty was more likely among urban adults; younger adults; and people with a disability, difficulty or long-term condition
Based on data from pooled survey waves collected from the winter of 2024 to the spring of 2025, experiences of self-reported financial difficulty were not evenly felt across population groups and regions of Canada.
| Selected characteristics | Proportion | 95% confidence interval | Predicted probabilities | |
|---|---|---|---|---|
| lower limit | upper limit | |||
| percent | ||||
Source: Statistics Canada, Canadian Social Survey, winter 2024 to spring 2025. |
||||
| Total, Canadians aged 15 years and older | 35.4 | 34.9 | 35.9 | ... not applicable |
| Gender | ||||
| Men (ref.) | 34.9 | 34.1 | 35.7 | 35.6 |
| Women | 35.9 | 35.3 | 36.6 | 36.8 Table 1 Note * |
| Age group | ||||
| 25 to 44 years (ref.) | 42.6 | 41.6 | 43.6 | 42.8 |
| 45 to 64 years | 38.0 | 37.2 | 38.9 | 38.1 Table 1 Note * |
| 65 years and older | 24.1 | 23.3 | 24.9 | 23.7 Table 1 Note * |
| Racialized population | ||||
| Racialized population (ref.) | 40.4 | 39.2 | 41.5 | 39.1 |
| Non-racialized, non-Indigenous population | 33.4 | 32.8 | 34.0 | 35.0 Table 1 Note * |
| Immigrant status | ||||
| Non-immigrants (ref.) | 33.6 | 33.0 | 34.2 | 35.2 |
| Immigrants | 39.7 | 38.6 | 40.8 | 38.2 Table 1 Note * |
| Non-permanent residents | 39.0 | 34.1 | 44.0 | 38.6 |
| Disability status | ||||
| People with a disability, difficulty or long-term condition (ref.) | 49.2 | 47.7 | 50.6 | 52.8 |
| People without a disability, difficulty or long-term condition | 33.2 | 32.7 | 33.8 | 33.5 Table 1 Note * |
| Rural or urban designation | ||||
| Rural (ref.) | 34.8 | 33.4 | 36.1 | 39.1 |
| Urban | 35.5 | 34.9 | 36.1 | 35.8 Table 1 Note * |
| Province | ||||
| Newfoundland and Labrador | 37.4 | 35.2 | 39.6 | 39.6 Table 1 Note * |
| Prince Edward Island | 32.1 | 29.7 | 34.5 | 33.8 |
| Nova Scotia | 37.0 | 34.7 | 39.2 | 37.0 |
| New Brunswick | 38.8 | 36.7 | 41.0 | 41.1 Table 1 Note * |
| Quebec | 27.5 | 26.4 | 28.5 | 29.6 Table 1 Note * |
| Ontario | 38.2 | 37.2 | 39.1 | 38.1 Table 1 Note * |
| Manitoba | 35.3 | 33.4 | 37.2 | 35.8 |
| Saskatchewan | 37.4 | 35.3 | 39.4 | 39.2 Table 1 Note * |
| Alberta | 40.0 | 38.4 | 41.6 | 40.5 Table 1 Note * |
| British Columbia (ref.) | 35.1 | 33.7 | 36.6 | 35.9 |
For example, across Canada, residents of urban areas and certain provinces, including Alberta (40%), New Brunswick (39%), Ontario (38%), Newfoundland and Labrador (37%), and Saskatchewan (37%), reported slightly higher levels of financial difficulty (Table 1).Note
Certain population groups were also more likely to report that they experienced financial difficulty in 2024 and 2025. Younger adults aged 25 to 44 were more likely than older age groups to report that they experienced financial difficulty in the previous 12 months (43%, compared with 38% of those aged 45 to 64 and 24% of those aged 65 and older). The finding that younger adults were struggling more financially is broadly consistent with previous studies showing that young Canadians spend a larger share of their income on shelter than older age groups and face greater challenges entering the housing market, affecting their ability to build wealth.Note
In addition to age, other groups of Canadians were more likely to report experiencing financial difficulty in 2024 and 2025. People with a disability, difficulty or long-term condition were more likely to report experiencing financial difficulty (49%) than those who did not report a condition or disability (33%) (Table 1). Along the same lines, results from the 2022 Canadian Survey on Disability showed that personal income was lower for people with disabilities, particularly those with more severe disabilities, compared with people without disabilities.Note Self-reported financial difficulty was also more commonly reported by racialized people, immigrants and non-permanent residents.
The exclusion of household income data is an important limitation in this study. While a question on household income was not included in most waves of the CSS, it was asked in the spring of 2024. As might be expected, in that survey wave, Canadians living in lower-income households were more likely to report experiencing financial difficulty in the previous 12 months, although some higher-income households also reported financial difficulty. Specifically, more than half (53%) of Canadians in households earning less than $41,800 a year reported having trouble making ends meet, compared with about one-quarter (24%) of those who lived in households earning more than $155,000 a year.
Life satisfaction declined from 2021 to 2025, particularly among young adults experiencing financial difficulty
Tracking the percentage of Canadians reporting a high level of life satisfactionNote revealed that life satisfaction continues to decline in Canada. Self-reported life satisfaction is a commonly used international measure of how people assess the quality of their lives.Note During the study period, which spans from the summer of 2021 to the spring of 2025, life satisfaction decreased by an average of 2.2 percentage points per year, continuing the trend observed in previous years (Chart 3.1).Note
Previous analyses have shown that seniors were more likely to report a higher quality of life than younger age groups.Note Similarly, as of the spring of 2025, seniors aged 65 and older were more likely to report high life satisfaction (61%) than younger age groups and exhibited a negligible decline in life satisfaction over the study period (-0.8 percentage points per year) (Chart 3.2).
Data table for Chart 3
| Collection period | Total, Canadians aged 15 years and older | ||
|---|---|---|---|
| Mean | 95% confidence interval | ||
| Minus | Plus | ||
| percent | |||
|
|||
| 2021 | |||
| Summer | 54.2 | 1.3 | 1.3 |
| Fall | 52.1 | 1.4 | 1.4 |
| 2022 | |||
| Winter | 51.7 | 1.3 | 1.3 |
| Spring | 51.4 | 1.3 | 1.3 |
| Summer | 55.4 | 1.4 | 1.4 |
| Fall | 45.8 | 1.5 | 1.5 |
| 2023 | |||
| Winter | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period |
| Spring | 51.4 | 1.5 | 1.5 |
| Summer | 50.6 | 1.4 | 1.4 |
| Fall | 47.6 | 1.2 | 1.2 |
| 2024 | |||
| Winter | 48.6 | 1.1 | 1.1 |
| Spring | 40.4 | 1.2 | 1.2 |
| Summer | 46.8 | 1.3 | 1.3 |
| Fall | 46.0 | 1.3 | 1.3 |
| 2025 | |||
| Winter | 48.6 | 1.4 | 1.4 |
| Spring | 46.0 | 1.2 | 1.2 |
| Collection period | 3.2 Selected age group | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 25 to 44 years | 45 to 64 years | 65 years and older | |||||||
| Mean | 95% confidence interval | Mean | 95% confidence interval | Mean | 95% confidence interval | ||||
| Minus | Plus | Minus | Plus | Minus | Plus | ||||
| percent | |||||||||
|
|||||||||
| 2021 | |||||||||
| Summer | 50.1 | 2.4 | 2.4 | 54.7 | 2.1 | 2.1 | 64.0 | 2.3 | 2.3 |
| Fall | 47.0 | 2.3 | 2.3 | 51.0 | 2.1 | 2.1 | 62.8 | 2.2 | 2.2 |
| 2022 | |||||||||
| Winter | 47.9 | 2.3 | 2.3 | 52.5 | 2.1 | 2.1 | 60.2 | 2.2 | 2.2 |
| Spring | 47.7 | 2.3 | 2.3 | 50.0 | 2.1 | 2.1 | 61.9 | 2.2 | 2.2 |
| Summer | 50.7 | 2.4 | 2.4 | 55.9 | 2.1 | 2.1 | 64.7 | 2.2 | 2.2 |
| Fall | 37.9 | 2.4 | 2.4 | 46.4 | 2.1 | 2.1 | 59.1 | 2.3 | 2.3 |
| 2023 | |||||||||
| Winter | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period |
| Spring | 47.3 | 2.8 | 2.8 | 51.0 | 2.2 | 2.2 | 61.0 | 2.5 | 2.5 |
| Summer | 45.2 | 2.6 | 2.6 | 49.7 | 2.0 | 2.0 | 60.2 | 2.3 | 2.3 |
| Fall | 39.0 | 2.3 | 2.3 | 48.4 | 2.0 | 2.0 | 60.1 | 2.2 | 2.2 |
| 2024 | |||||||||
| Winter | 38.6 | 2.0 | 2.0 | 49.7 | 1.8 | 1.8 | 62.5 | 1.7 | 1.7 |
| Spring | 29.0 | 2.2 | 2.2 | 41.7 | 2.0 | 2.0 | 54.3 | 2.1 | 2.1 |
| Summer | 38.0 | 2.3 | 2.3 | 47.1 | 2.0 | 2.0 | 60.6 | 2.2 | 2.2 |
| Fall | 38.1 | 2.5 | 2.5 | 45.2 | 2.3 | 2.3 | 60.6 | 2.1 | 2.1 |
| 2025 | |||||||||
| Winter | 40.5 | 2.7 | 2.7 | 47.2 | 2.2 | 2.2 | 62.3 | 2.2 | 2.2 |
| Spring | 34.8 | 2.2 | 2.2 | 48.4 | 2.0 | 2.0 | 60.5 | 2.1 | 2.1 |
Meanwhile, as of the spring of 2025, nearly half (48%) of middle-aged adults aged 45 to 64 reported high life satisfaction, compared with a little over one-third (35%) of their younger counterparts (aged 25 to 44). Not only did younger adults report lower levels of life satisfaction compared with middle-aged adults and seniors, but their levels also declined to a greater extent. These younger adults experienced a greater decrease in high life satisfaction over the study period, by 4.0 percentage points per year, compared with 2.0 percentage points per year among their middle-aged peers. Comparing the percentage of respondents reporting high life satisfaction between the youngest and oldest age groups shows that the gap between these two groups widened from 14% in the summer of 2021 to 26% in the spring of 2025.
Life satisfaction was also closely associated with self-reported financial difficulty.Note In the spring of 2025, Canadians who reported having financial difficulty (28%) were about half as likely to report high life satisfaction as those without financial difficulty (58%) (Chart 4.1). In addition to being less likely to report high life satisfaction, people in financial difficulty were more likely to experience a decline in life satisfaction over the study period. Specifically, among those in financial difficulty, high life satisfaction declined by 2.0 percentage points per year from 2021 to 2025, compared with a negligible change among people with fewer financial challenges.
Combining age group with financial difficulty revealed novel insights into the groups most and least susceptible to lower life satisfaction. Seniors without financial difficulty were the most likely to report high overall life satisfaction (68% in the spring of 2025) and showed a negligible annual increase of 0.6 percentage points (Chart 4.2).
Data table for Chart 4
| Collection period | Total, Canadians aged 15 years and older and experiences of self-reported financial difficulty | |||||
|---|---|---|---|---|---|---|
| Experienced financial difficulty | Did not experience financial difficulty | |||||
| Mean | 95% confidence interval | Mean | 95% confidence interval | |||
| Minus | Plus | Minus | Plus | |||
| percent | ||||||
|
||||||
| 2021 | ||||||
| Summer | 31.6 | 3.1 | 3.1 | 59.3 | 1.4 | 1.4 |
| Fall | 29.8 | 2.8 | 2.8 | 57.9 | 1.5 | 1.5 |
| 2022 | ||||||
| Winter | 31.5 | 2.9 | 2.9 | 57.1 | 1.4 | 1.4 |
| Spring | 32.4 | 2.6 | 2.6 | 57.5 | 1.4 | 1.4 |
| Summer | 33.1 | 2.6 | 2.6 | 62.3 | 1.5 | 1.5 |
| Fall | 25.7 | 2.2 | 2.2 | 56.4 | 1.8 | 1.8 |
| 2023 | ||||||
| Winter | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period |
| Spring | 28.9 | 2.7 | 2.7 | 59.5 | 1.7 | 1.7 |
| Summer | 29.1 | 2.2 | 2.2 | 61.3 | 1.6 | 1.6 |
| Fall | 27.7 | 2.0 | 2.0 | 59.4 | 1.5 | 1.5 |
| 2024 | ||||||
| Winter | 25.3 | 1.8 | 1.8 | 60.0 | 1.2 | 1.2 |
| Spring | 19.5 | 1.6 | 1.6 | 54.0 | 1.6 | 1.6 |
| Summer | 27.6 | 2.1 | 2.1 | 57.1 | 1.6 | 1.6 |
| Fall | 24.3 | 2.1 | 2.1 | 58.1 | 1.8 | 1.8 |
| 2025 | ||||||
| Winter | 26.0 | 2.3 | 2.3 | 58.2 | 1.7 | 1.7 |
| Spring | 27.5 | 1.9 | 1.9 | 57.8 | 1.6 | 1.6 |
| Collection period | Selected age group and experiences of self-reported financial difficulty | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 25 to 44 years | 65 years and older | |||||||||||
| Experienced financial difficulty | Did not experience financial difficulty | Experienced financial difficulty | Did not experience financial difficulty | |||||||||
| Mean | 95% confidence interval | Mean | 95% confidence interval | Mean | 95% confidence interval | Mean | 95% confidence interval | |||||
| Minus | Plus | Minus | Plus | Minus | Plus | Minus | Plus | |||||
| percent | ||||||||||||
|
||||||||||||
| 2021 | ||||||||||||
| Summer | 31.2 | 5.2 | 5.2 | 55.5 | 2.6 | 2.6 | 32.7 | 6.3 | 6.3 | 68.4 | 2.4 | 2.4 |
| Fall | 26.2 | 4.2 | 4.2 | 54.5 | 2.7 | 2.7 | 47.5 | 6.4 | 6.4 | 65.5 | 2.4 | 2.4 |
| 2022 | ||||||||||||
| Winter | 28.1 | 4.4 | 4.4 | 55.1 | 2.5 | 2.5 | 41.1 | 6.0 | 6.0 | 63.6 | 2.3 | 2.3 |
| Spring | 30.5 | 4.2 | 4.2 | 55.2 | 2.7 | 2.7 | 41.1 | 6.0 | 6.0 | 65.9 | 2.3 | 2.3 |
| Summer | 31.4 | 4.0 | 4.0 | 59.2 | 2.9 | 2.9 | 45.9 | 5.8 | 5.8 | 67.9 | 2.4 | 2.4 |
| Fall | 21.8 | 3.2 | 3.2 | 49.4 | 3.3 | 3.3 | 40.0 | 5.3 | 5.3 | 65.3 | 2.6 | 2.6 |
| 2023 | ||||||||||||
| Winter | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period |
| Spring | 27.5 | 4.3 | 4.3 | 56.5 | 3.4 | 3.4 | 33.8 | 5.9 | 5.9 | 66.4 | 2.6 | 2.6 |
| Summer | 27.5 | 3.7 | 3.7 | 56.9 | 3.2 | 3.2 | 38.2 | 4.6 | 4.6 | 67.3 | 2.4 | 2.4 |
| Fall | 22.0 | 3.0 | 3.0 | 53.0 | 3.1 | 3.1 | 34.7 | 4.2 | 4.2 | 69.7 | 2.3 | 2.3 |
| 2024 | ||||||||||||
| Winter | 20.4 | 2.9 | 2.8 | 51.5 | 2.6 | 2.6 | 35.7 | 4.2 | 4.2 | 69.4 | 1.9 | 1.9 |
| Spring | 14.5 | 2.5 | 2.5 | 42.3 | 3.2 | 3.2 | 30.1 | 3.9 | 3.9 | 63.0 | 2.4 | 2.4 |
| Summer | 21.8 | 3.1 | 3.1 | 50.2 | 3.1 | 3.1 | 36.9 | 4.8 | 4.8 | 67.5 | 2.3 | 2.3 |
| Fall | 21.1 | 3.4 | 3.4 | 51.6 | 3.5 | 3.5 | 34.9 | 4.8 | 4.8 | 68.7 | 2.3 | 2.3 |
| 2025 | ||||||||||||
| Winter | 19.7 | 3.4 | 3.4 | 51.1 | 3.5 | 3.5 | 38.5 | 4.9 | 4.9 | 68.8 | 2.4 | 2.4 |
| Spring | 18.4 | 2.8 | 2.8 | 48.9 | 3.3 | 3.3 | 41.3 | 4.4 | 4.4 | 68.4 | 2.2 | 2.2 |
However, younger adults aged 25 to 44 experiencing financial difficulty were the least likely to report high life satisfaction (18% as of the spring of 2025), and this percentage decreased the most rapidly during the previous few years (-3.4 percentage points per year). While young adults without financial difficulties were more likely to report high life satisfaction overall, they experienced a decrease in life satisfaction of 2.0 percentage points per year over the study period.
The finding that life satisfaction declined for young adults in general suggests that this age group may be particularly exposed to inflation and that the resulting challenges to their financial well-being may be affecting their overall well-being. This speaks to the relevance of considering financial difficulties alongside age-specific challenges (e.g., education, finding a footing in the housing market) in understanding well-being.
Younger adults in financial difficulty are also experiencing greater declines in hope for the future
Another important indicator of well-being is an individual’s future outlook. Data show that hopefulness about the future—being “always” or “often” hopeful about the future—declined by 2.4 percentage points per year over the study period, reaching 56% in the spring of 2025.
Like life satisfaction, lower levels of hopefulness were observed among those who struggled financially. In the spring of 2025, 63% of people who did not experience financial challenges reported being hopeful about the future, compared with 44% who reported financial difficulty.
Overall levels of hopefulness were similar among younger adults (aged 25 to 44) and older adults (aged 65 and older). However, differences emerged when financial difficulty was considered. People experiencing financial difficulty were less likely to report hopefulness, regardless of age (Chart 5).
Data table for Chart 5
| Collection period | 25 to 44 years | 65 years and older | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Experienced financial difficulty | Did not experience financial difficulty | Experienced financial difficulty | Did not experience financial difficulty | |||||||||
| Mean | 95% confidence interval | Mean | 95% confidence interval | Mean | 95% confidence interval | Mean | 95% confidence interval | |||||
| Minus | Plus | Minus | Plus | Minus | Plus | Minus | Plus | |||||
| percent | ||||||||||||
|
||||||||||||
| 2021 | ||||||||||||
| Summer | 49.1 | 5.5 | 5.5 | 71.1 | 2.5 | 2.5 | 40.9 | 6.6 | 6.6 | 67.7 | 2.4 | 2.4 |
| Fall | 44.9 | 4.7 | 4.7 | 70.4 | 2.5 | 2.5 | 50.7 | 6.2 | 6.2 | 64.9 | 2.5 | 2.5 |
| 2022 | ||||||||||||
| Winter | 47.6 | 5.1 | 5.1 | 70.6 | 2.3 | 2.3 | 45.4 | 6.1 | 6.1 | 65.3 | 2.4 | 2.4 |
| Spring | 52.5 | 4.6 | 4.6 | 69.3 | 2.5 | 2.5 | 47.6 | 5.9 | 5.9 | 64.9 | 2.3 | 2.3 |
| Summer | 47.3 | 4.4 | 4.4 | 71.9 | 2.6 | 2.6 | 43.3 | 5.8 | 5.8 | 64.5 | 2.4 | 2.4 |
| Fall | 45.6 | 4.2 | 4.2 | 61.3 | 3.2 | 3.2 | 41.1 | 5.1 | 5.1 | 64.0 | 2.6 | 2.6 |
| 2023 | ||||||||||||
| Winter | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period |
| Spring | 42.4 | 4.8 | 4.8 | 64.7 | 3.2 | 3.2 | 39.0 | 6.2 | 6.2 | 60.6 | 2.6 | 2.6 |
| Summer | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period |
| Fall | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period | .. not available for a specific reference period |
| 2024 | ||||||||||||
| Winter | 45.6 | 3.5 | 3.5 | 67.4 | 2.6 | 2.6 | 41.9 | 4.5 | 4.5 | 65.9 | 1.9 | 1.9 |
| Spring | 37.3 | 3.6 | 3.6 | 58.7 | 3.3 | 3.3 | 40.6 | 4.2 | 4.2 | 61.7 | 2.6 | 2.6 |
| Summer | 40.9 | 3.9 | 3.9 | 63.7 | 3.1 | 3.1 | 41.4 | 5.0 | 5.0 | 64.2 | 2.3 | 2.3 |
| Fall | 39.5 | 4.1 | 4.1 | 66.0 | 3.3 | 3.3 | 39.5 | 4.8 | 4.8 | 62.2 | 2.6 | 2.6 |
| 2025 | ||||||||||||
| Winter | 39.7 | 4.6 | 4.6 | 63.1 | 3.2 | 3.2 | 43.6 | 5.2 | 5.2 | 64.7 | 2.4 | 2.4 |
| Spring | 42.0 | 3.6 | 3.6 | 62.1 | 3.2 | 3.2 | 47.0 | 4.4 | 4.4 | 63.4 | 2.3 | 2.3 |
Over time, levels of hopefulness among seniors remained relatively stable, regardless of financial difficulty, with a decrease of less than 0.8 percentage points per year. In contrast, over time, younger adults aged 25 to 44 were less likely to report high levels of hopefulness, with decreases of 2.3 percentage points per year if they did not experience financial difficulty and 2.6 percentage points per year if they did. The decline in hopefulness among young adults may represent generational differences in personal experiences and values. It may also indicate different perceptions about their anticipated level of exposure to future impacts of domestic and global affairs—such as a weakening labour market, technological evolution, the environment and broader geopolitical instability.
Conclusion
Time series data focused on key indicators of well-being have shown that younger adults have been more vulnerable to social and economic changes in recent years, being more likely to report financial difficulty than older adults and increasingly less likely to report high life satisfaction and express hope for the future. This aligns with the 2024 World Happiness Report, which observed that younger adults are faring worse in Canada than in other countries. Among participating countries, Canada ranked 58th in happiness for people younger than 30, compared with 8th for adults aged 60 and older.Note
Among all groups examined in the time series data, young adults who experienced financial difficulty were, in general, the most vulnerable group to poor subjective well-being. Specifically, this group showed the lowest prevalence or the greatest decrease in self-reported high life satisfaction and hope for the future. This finding further emphasizes the unique difficulties faced by this group of Canadians and highlights the importance of understanding other, unmeasured factors that may be influencing their well-being.
Data sources, methods, definitions and limitations
This study uses 15 waves of the Canadian Social Survey (CSS), collected from August 2021 to June 2025 (Table 2). Note that Wave 1 of the CSS (spring 2021) was excluded from the analysis because the same survey questions were not asked, while Wave 8 was cancelled.
| Wave number | Survey name | Collection period | Season (approximate) |
|---|---|---|---|
| Note: The survey wave that would have been collected in winter 2023 (Wave 8) was cancelled.
Source: Statistics Canada, Canadian Social Survey, summer 2021 to spring 2025. |
|||
| 1 | COVID-19 and Well-being | April 23 to June 9, 2021 | Spring 2021 |
| 2 | Well-being, Activities and Perception of Time | August 6 to September 18, 2021 | Summer 2021 |
| 3 | Well-being, Unpaid Work and Family Time | October 26 to December 7, 2021 | Fall 2021 |
| 4 | Well-being and Family Relationships | January 28 to March 13, 2022 | Winter 2022 |
| 5 | Well-being, Shared Values and Trust | April 22 to June 5, 2022 | Spring 2022 |
| 6 | Well-being and Caregiving | July 15 to August 28, 2022 | Summer 2022 |
| 7 | Quality of Life and Cost of Living | October 21 to December 4, 2022 | Fall 2022 |
| 8 | Survey wave cancelled | Not applicable | Not applicable |
| 9 | Quality of Life and Energy Use | April 21 to June 4, 2023 | Spring 2023 |
| 10 | Quality of Life, Virtual Health Care and Trust | July 14 to August 27, 2023 | Summer 2023 |
| 11 | Quality of Life, Renter Experiences and Trust | October 20 to December 3, 2023 | Fall 2023 |
| 12 | Quality of Life, Health and Compassionate Communities | January 26 to March 10, 2024 | Winter 2024 |
| 13 | Quality of Life, Health and Impacts of Rising Prices | April 19 to June 2, 2024 | Spring 2024 |
| 14 | Quality of Life, Health, and Housing Costs | August 2 to September 15, 2024 | Summer 2024 |
| 15 | Quality of Life, Housing and Trust | October 18 to December 2, 2024 | Fall 2024 |
| 16 | Quality of Life and Energy Consumption Behaviours | February 14 to April 6, 2025 | Winter 2025 |
| 17 | Quality of Life, Climate Change and Trust | April 25 to June 16, 2025 | Spring 2025 |
The CSS is a voluntary, cross-sectional, quarterly survey that collects information on well-being, health, confidence in institutions and other social issues. The target population for the CSS includes all non-institutionalized people aged 15 or older, living off-reserve, within the 10 provinces of Canada. The response rate for each cycle varied between 37.0% and 53.0%, with a stratified sample of approximately 20,000 dwellings selected probabilistically.
Means and confidence limits in the time series were calculated using survey and bootstrap weights, to better reflect the underlying population of Canada. A logistic regression model was used to model the association between financial difficulty and sociodemographic characteristics. A linear correlation was applied to the time series to determine an estimate of annual change. Other well-being indicators from the CSS (e.g., “loneliness” and “having someone to count on”) were also analyzed but showed very little change over the study period.
Definitions
Canadians: All people living in Canada, regardless of citizenship status.
People with a disability, difficulty or long-term condition: Respondents who self-identified as a person with a disability.
Respondents were considered to be experiencing financial difficulty if they reported that it was “difficult” or “very difficult” for their household to meet its financial needs in terms of transportation, housing, food, clothing and other necessary expenses in the past 12 months.
High levels of life satisfaction: A score of 8, 9 or 10 on a scale of 0 to 10, where 0 means “very dissatisfied” and 10 means “very satisfied” when asked, “How do you feel about your life as a whole right now?”
Individuals are considered hopeful about the future if they respond “always” or “often” to the following question: “Thinking about your life in general, how often would you say you have a hopeful view of the future?”
Limitations
Because some content of the CSS differs in every wave, survey framing effects can influence the distribution of responses in different waves. Survey framing refers to how respondents’ line of thought may be influenced by the overall theme of the survey or the preceding sequence of survey questions. To mitigate this as much as possible, questions on life satisfaction and future outlook were asked at the beginning of the survey, just after the questions on demographic characteristics.
References
Foran, Helen. 2024. “Charting change: How time-series data provides insights on Canadian well-being.” Insights on Canadian Society. Statistics Canada Catalogue no. 75-006-X.
Gauthier, James and Carter McCormack. 2024. “Housing, wealth and debt: How are young Canadians adapting to current financial and housing pressures?” Economic and Social Reports. Vol. 4, no. 3. Statistics Canada Catalogue no. 36-28-0001.
Gellatly, Guy, Helen Foran and Lauren Pinault. 2024. “Barriers to moving: Potential implications for the life satisfaction of young families.” Economic and Social Reports. Vol. 4, no. 12. Statistics Canada Catalogue no. 36-28-0001.
Helliwell, J.F., Haifang Huang, Hugh Shiplett and Shun Wang. 2024. “Happiness of the younger, the older, and those in between.” Chapter 2, World Happiness Report. 2024.
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