Nearly half of B.C. households saving less as financial resilience erodes: new survey

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Postmedia has not reviewed the content. by GlobeNewswire Nearly half of B.C. households saving less as financial resilience erodes: new surveyAuthor of the article:LANGLEY, B.C., Sept. 08, 2026 (GLOBE NEWSWIRE) — As British Columbians continue to navigate a prolonged cost-of-living crisis, new research reveals a deeper, emerging challenge: the erosion of financial resilience. While many households are still managing day-to-day expenses, their ability to save and prepare for the future is steadily declining. 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The findings point to growing challenges for households trying to build financial stability and prepare for unforeseen costs.“This isn’t just pressure on day-to-day finances. It’s a gradual loss of financial resilience,” says Launi Skinner, CEO of Tru Cooperative Bank. “The ability to save and build an emergency fund is a key driver of financial health and confidence. When people can’t set money aside, even for something modest, it becomes much harder to handle everyday unexpected costs, like a significant car repair or an out-of-pocket medical expense.”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 againThe findings suggest that many British Columbians are moving beyond short-term adjustments and into a more fragile financial position, where even small disruptions could have significant impacts.These insights were further corroborated by Credit Counselling Society’s 2026 Consumer Debt Report, conducted earlier this year. The national survey noted a strong linkage between reduced savings capacity and increased debt load. 56% of Canadians with non-mortgage debt were found to have recently reduced or drawn down on savings or investments or otherwise borrowed money to help deal with their debt.“Reduced savings capacity is often a sign of a more significant issue brewing,” says Peta Wales, CEO of Credit Counselling Society. “When cost of living increases start to outpace income, savings is often the first place they go before having to turn to credit to pay for essentials like groceries and rent.”The survey findings also point to a broader shift in financial well-being across the province and in Canada, one that extends beyond immediate affordability concerns.Debt-related stress is widespread among Canadians, with 65% feeling concerned or anxious about what they owe, and 46% reporting that their debt has increased over the past year. Repayment pressures are also evident, as just over half (52%) say they are paying only slightly more than the minimum required. While households continue to adapt, the loss of savings capacity points to growing difficulties in maintaining long-term financial and mental health, reinforcing the need for ongoing support, education and planning. The findings also point to the need for continued attention and coordinated action to help address the financial pressures facing households across British Columbia.“When people are only able to pay the minimum owed or slightly more, unexpected expenses can quickly create more financial stress and uncertainty,” says Wales. “That’s why it’s important to seek advice early from a trusted source, whether that’s a bank, credit union or non-profit credit counsellor. The sooner people understand their options, the sooner they can regain a sense of control, confidence and hope.”This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Many Canadians experience conflicting emotions when seeking financial help. While one-third (33%) say personal finance difficulties are what they worry about most, many remain uncomfortable talking about these concerns, highlighting an ongoing discomfort around money conversations. The data and insights presented are the outcome of an economic outlook and sentiment survey conducted by Tru Cooperative Bank, in partnership with Environics Research, in May and June of 2026. A survey was conducted with a representative sample of 849 BC residents (aged 18 and over) drawn from an online panel, while a parallel survey was conducted with 600 members of Tru Cooperative Bank across British Columbia. The survey was designed to collect insight on current and evolving economic conditions in B.C. and how consumers are adapting to them. Because online surveys of the general public are not based on a random probability sample, no margin of error can be calculated. For more information on the survey, please contact mediarelations@trucooperativebank.ca.The findings shared by the Credit Counselling Society are from a survey conducted between January 26th to 28th, 2026 among a representative sample of n=1222 online adult Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of ±2.80 percentage points, 19 times out of 20. For more information on their survey findings, please contact media@nomoredebts.org.About Tru Cooperative Bank, formerly First West Credit UnionTru Cooperative Bank brings together the best of both worlds, combining the strength and stability of a leading Canadian financial institution, and the care and community leadership of a local cooperative. With nearly $21 billion in total assets and assets under administration, and approximately 290,000 members, Tru Cooperative Bank offers clear, practical advice and modern banking that’s designed to be digital when it should be, and personal when it matters.Through its local brands — Envision Financial, Valley First, Island Savings, and Enderby & District Financial — Tru Cooperative Bank has contributed more than $44 million back to local communities while cultivating a nationally-recognized culture shaped by courageous leadership, authentic connection and collective strength. Learn more at trucooperativebank.ca and see how we’re creating a future where everyone can flourish.About Credit Counselling SocietyThe Credit Counselling Society is a non-profit organization dedicated to helping people manage their money and debt better. Since 1996 CCS has helped over 1 million Canadians via free and confidential credit counselling, objective debt repayment options, budgeting assistance, and financial education. Visit nomoredebts.org to learn more about their mission.Josh Juhlke Tru Cooperative Bank 4163605967 mediarelations@trucooperativebank.ca Notice for the Postmedia NetworkThis 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.