• Survey shows concerns about inflation and their own financial situations increased by 16 points.

A special report from the BMO Real Financial Progress Index reveals Canadians’ concerns about their personal finances have surged amid increased economic uncertainty and market volatility.

The survey explored changes in Canadians’ concerns about their finances and current economic conditions between March and April 2025, and found:

• Cost of living considerations: 78% reported growing concerns about the cost of living in April – a 17-point increase from 61% in March.
• Inflation concerns intensify Over three quarters (76%) say their concerns about inflation have increased – a 16-point increase from 60%.
• Temperature on tariffs: Concerns about the impact of US tariffs increased from 65% to 74%.
• Rising recession risks: Canadians’ concerns about the prospect of economic recession increased from 60% to 74%.
• Pulse on personal finances: Nearly three in five (58%) say they are more concerned about their financial situation – a 16-point increase from the 42% in March.

In addition, nearly one quarter (24%) reported in April they are increasingly concerned about the prospect of losing their job.

"Canadian consumer confidence recently plummeted to the lowest depths in at least six decades on fear that the trade war will cost people their jobs and undermine their financial security. However, sentiment improved modestly in April amid a partial de-escalation of the trade war. A more recent recovery in equity markets should support confidence further in May," said Sal Guatieri, Senior Economist, BMO. "While BMO Economics is concerned about the economic impact of tariffs, we are less worried about the inflation outlook, as retaliatory tariffs on imports from the U.S. have been restrained. CPI inflation will likely hold close to the Bank of Canada's 2% target this year, paving the way for some further reductions in policy rates."

https://newsroom.bmo.com/2025-06-04-BMO-Survey-Personal-Finance-Concerns-Rose-Significantly-Between-March-to-April-2025