Survey finds many Canadians cut back on self-care spending as budgets tighten and priorities shift
Most Canadians say they are trying to look after their personal well-being, but a new survey suggests financial pressure is forcing many to scale back how much they spend to do so.
Around two thirds of respondents feel able to prioritize their well-being, but at the same time, 43 per cent say the cost of products and services tied to wellness places strain on their budgets, pointing to a growing tension between financial stability and personal health.
The national survey of more than 1,500 adults from Capital One Canada found that that well-being is often one of the first areas adjusted when money is tight and more than four in 10 respondents said they consciously limit spending on activities and services that support overall wellness, including gym memberships, wellness apps and social experiences.
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Canadians aged 65 and older are significantly more likely to say they can afford to prioritize well-being, with 77 per cent expressing confidence compared with 55 per cent among those under 65. Younger Canadians face more competing financial demands, which appears to influence how they allocate discretionary spending.
Among adults aged 18 to 24, just over half say they can financially prioritize their well-being. Despite this, they report some of the highest spending in select categories, with the largest share spending $1,000 or more annually on beauty and cosmetics. Thirteen per cent in this age group also spend more than $1,000 a year on active lifestyle subscriptions, more than four times the rate reported by Canadians aged 55 and over.
Canadians aged 25 to 34 are the most likely to make difficult trade-offs. Nearly a third said they have delayed or skipped essential purchases at times in order to manage other financial priorities, including well-being-related expenses.
Rising costs are also reshaping subscription habits. About 24 per cent of respondents said they have been forced to change or cancel wellness-related subscriptions or memberships because of cost. Canadians aged 18 to 34 were twice as likely as those aged 35 and over to have made such changes.
