Nearly Three Quarters of Canadians Are Concerned About the Impacts of Tariffs: Spring Financial Survey

New survey reveals Canadians’ concerns and changing shopping habits resulting from tariffs

VANCOUVER, British Columbia--(BUSINESS WIRE)--A new survey released today by Spring Financial, a fintech company simplifying the lending process for everyday Canadians, reveals growing concerns and confusion around the US tariffs.

According to the survey, nearly three quarters (74%) of Canadians say the tariff threats make them nervous about their personal financial situation; this number jumps to 80% for both Gen Z and those earning below a $50K salary. Despite these concerns, less than half of Canadians (45%) are confident they know how the tariffs will affect their daily life.

“The economy has been increasingly difficult lately and the tariff threats are only adding to the uncertainty,” shared Tyler Thielmann, President and CEO of Spring Financial. “Canadians— especially those with less financial flexibility—are understandably worried about their financial future. Now, more than ever, it’s crucial to take steps to prepare for rising costs. That can look like shopping for deals, building an emergency fund if possible, and having a clear picture of your financial situation. Small, intentional actions today can help provide greater financial stability in the face of economic uncertainty.”

Additional survey findings include:

• Financial Flexibility: 59% of Canadians believe they could withstand the increased cost of goods that will result from the tariffs, a sentiment that is strongest in Quebec (69%) and BC (63%).
• Supporting Local: The majority of Canadians (80%) have made a conscious effort to buy more Canadian-made products in response to the tariff threats, however only 72% are willing to pay more to do so.
• Saskatchewan Stress: Saskatchewan residents are the least confident about how the tariffs will impact their lives (38%) and the least likely to feel financially prepared for rising costs (42%). They also report the lowest levels of buying Canadian in response to recent tariff threats (70%).

“We’re likely going to start seeing the impacts of the tariffs on our daily spending soon,” added Thielmann. “For the three quarters of Canadians that are feeling nervous about their finances, now is a great time to start exploring tools that can help. Personal budgeting apps like Bloom, loyalty programs at your grocery stores, and coupon and discount apps are great places to start.”

For more information about Spring Financial, visit springfinancial.ca.

These findings are from a survey conducted by Spring Financial from March 13th to March 17th, 2025, among a representative sample of 1,500 online 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 +/-2.53 percentage points 19 times out of 20.

About Spring Financial

Spring Financial provides Canadians with quick access to financing. With a convenient process that can be done entirely on your device, Spring Financial is an easy and technologically advanced solution to securing a loan when the need arises. Customers are given the best-fit option from a suite of financial products that are designed and offered based on their profile. Spring Financial makes borrowing smarter, more transparent and more efficient. Since launching in 2014, Spring Financial has become one of the largest fintech companies in Canada with over two million applicants and 350,000 funded loans. To learn more about Spring Financial, visit springfinancial.ca.