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Here’s how Canadian consumers are feeling amidst economic uncertainty

June 4, 2025 | Thought Leadership, Thought Leadership

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. 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.” 

– Sal Guatieri
Senior Economist, BMO 

“Many Canadians and their families are understandably more concerned about their finances and are taking proactive steps to protect their financial future. At BMO, our team of experts is available to help Canadians build a personalized financial plan and adjust these plans as circumstances change or new goals emerge. With planning and a disciplined approach to spending, Canadians will be empowered to navigate the challenging environment, achieve their financial goals and make real financial progress with confidence.”

– Anthony (Tony) Tintinalli
Head, Specialized Sales, BMO 

“While navigating markets has been difficult amid the recent uncertainty, we remain committed to well-balanced and well-diversified portfolios. Uncertain times can also be a good time to reassess risk tolerance, but decisions should be made with a long outlook in mind. A trusted advisor can help people determine their best path forward.”

– Brent Joyce
Chief Investment Strategist, BMO Private Investment Council

The BMO April survey also found Boomers are most concerned about the cost of living (84%), tariffs (83%), the prospect of an economic recession (82%) and inflation (80%), while Gen Z are the most concerned about the prospect of losing their jobs (37%). 

To learn more about how BMO can help customers make real financial progress, visit BMO.com. 

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