Focus · Breaking Minute
Good morning, More Canadians have made progress toward their financial goals this year, but many still feel worse off, according to a new report by estate planning platform Willful. More than three quarters of people have completed something on their financial to-do list this year, whether it be contributing to savings, paying down debt or contributing to a retirement account, which is an increase from 66 per cent last year, the report said. Nevertheless, 40 per cent still feel worse off financially than they did a year ago, led by nearly half of gen-Xers.
Willful chief executive Erin Bury said many are taking shortcuts, particularly in emergency planning, as costs climb and many continue to save. “What slipped is the stuff that protects your family if something goes wrong,” she said in the report. “More Canadians put off getting or updating a will this year than last.
Fewer have both talked about an emergency plan and put the documents in place. Three years in, the share of Canadians with a will hasn’t moved.” The National Institute on Ageing estimates less than half of Canadians have a will, leaving many at risk of not having their final wishes properly heard. The Willful survey said 11 per cent of respondents have delayed getting a will, up from seven per cent last year.
Emergency savings have also taken a hit, with 38 per cent of those with a household income of less than $100,000 not having an emergency fund, according to a report by Royal Bank of Canada in July, and 76 per cent said the high cost of living has made saving for an emergency difficult. Meanwhile, 58 per cent of Canadians would need to borrow or draw on savings to cover a $2,000 surprise expense, IG Wealth Management said in a recent report. As most Canadians inch toward their financial goals, 82 per cent said they need more monthly income to really achieve their dreams, with an average gap of $818.
Most respondents said lower costs would be most helpful when it comes to bridging the gap, but 37 per cent pointed to a cash gift, 32 per cent to a promotion and 27 per cent to an inheritance as being helpful. Leading indicator Shopify’s sales miss estimates for first time in four years Shopify Inc. shares fell yesterday after the e-commerce giant missed third-quarter revenues for the first time in four years. The Ottawa-based company’s revenue climbed 32 per cent in the quarter to US$3.74 billion, slightly missing expectations of US$3.75 billion.
Its subscription revenue of US$836 million also missed expectations. The stock was down almost 9 per cent at close Tuesday. Read more here.
FP MUST READS Meet the Canadian who came home from the U.S. to help build this country’s war machine Millennials are investing despite affordability pressures, survey says Ottawa urged to launch all-Canadian ‘Maple’ TFSA From the deficit to tax cuts, here’s what to watch for in Budget 2026 MARKET SIGNALS BREAKING TODAY Today’s Data: Toronto Regional Real Estate Board housing data for October, International merchandise trade Earnings: Toyota Motor Corp. Ltd., McDonald’s Corp., Novo Nordisk A/S, Uber Technologies Inc., Manulife Financial Corp., Metlife Inc., Cenovus Energy Inc., Sun Life Financial Inc., Nutrien Ltd., Corpay Inc., Allied Gold Corp., Maple Leaf Foods Inc., Tourmaline Oil Corp., Vermillion Energy Inc., WSP Global Inc. PERSONAL FINANCE Despite being labelled as spenders for years, millennials are proving themselves to be disciplined and intentional savers.
Sixty-six per cent of millennials contribute to savings or investments at least monthly, according to a recent survey, though the totals are generally modest. Read more here. FINANCIAL POST ON YOUTUBE Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.
Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com .
Was this newsletter forwarded to you? Sign up now to get it in your inbox every weekday. Ben Cousins is a senior editor at the Financial Post, contributing to all things digital.
He previously worked as a sports reporter in Atlantic Canada and covered national news for major television stations. bcousins@postmedia.com
Source: Financial Post
