A surprising amount of B.C. workers have less than one month of savings
New research reveals some concerning statistics about how B.C. workers feel about their finances.
According to Money Mentors, a non-profit credit counselling agency, 45 per cent of B.C. workers couldn’t cover more than two months’ expenses if they lost their job. Further, almost a quarter said they have less than one month of financial savings or don’t have any “financial cushion.”
“That means a substantial share of working British Columbians remain only a few months away from exhausting their savings if their employment income disappears,” reads the press release from Money Mentors.
This research comes from Money Mentors’ 2026 Workplace and Wellness Report, where they partnered with Angus Reid to survey 1,522 Canadians as part of their Aug. 13, 2026, National Omnibus. They asked financial security and savings questions of working Canadians, including 125 employed, self-employed, and business owners in B.C.
Money Mentors further reported that 49 per cent of respondents said they feel “less financially secure” than they did around the same time last year.
“B.C. workers face a difficult contradiction: nearly half feel worse off, yet only one-third have a six-month financial cushion,” said the non-profit in the press release.
The survey also found that the cost of everyday expenses is a big financial pressure for many British Columbians, with 25 per cent pointing to “higher grocery, utility, transportation, and other everyday costs as the main reason they feel less financially secure.”
These findings reflect the results reported in numerous other surveys on B.C. residents’ finances this year. Throughout 2026, we’ve seen B.C. residents report things like cutting back summertime spending, reconsidering wedding invites, and changing how they eat in order to lower their grocery bill.
Further, a report from Living Wage BC and B.C. Policy Solutions found that over 775,000 people in B.C. earn less than the living wage, which they define as “the hourly rate that a full-time worker must earn to cover essential expenses, avoid chronic financial stress, and participate in the social, civic, and cultural life of their community.”
What can people do?
Daily Hive recently spoke with Joe Moghaizel, TD’s vice-president of Everyday Advice Journey, about the growing stress that students are facing as they go back to school. While his advice was for students, it might be helpful for workers as well.
He encouraged people to build a budget so that they have a good understanding of what money is coming in and going out.
According to TD, this “doesn’t have to be complicated.”
The bank suggests adding all of your income sources. Next, write down all your expenses and divide them into needs (like housing costs and groceries) and wants (like eating out).
If your expenses are greater than your income, you can look for areas to reduce your non-essential spending. And if you have surplus money, Moghaizel suggests looking for trusted advice on how you could invest that money, such as putting money into a savings account for a rainy day or opening a tax-free savings account.