Rising Living Costs Hit Canadian Seniors Harder Than Last Year, New Report Reveals

The 2025 Aging and Affordability Insights Benchmark Report compares 2024 survey data to reveal how Canadian seniors are balancing rising living costs and retirement security year-over-year.

TORONTO--(BUSINESS WIRE)--As Canadian seniors continue to navigate rising living costs and the challenge of inflation outpacing savings and income, the 2025 Aging & Affordability Insights Benchmark Report from Bloom Finance reveals that intergenerational financial support remains a common practice this year. Remaining unchanged from last year, one-in-three (31%) of Canadian parents and grandparents continue to financially support their children and/or grandchildren; however, an increasing 76% say it affects their retirement savings, up 11% from last year (65%).

Intergenerational support remains a constant in 2025.

• One-in-three (31%) Canadians continue to support their children or grandchildren financially.
• Among those who provide support:
  • 67% assist with everyday living expenses, up 12% from last year (55%),
    28% help with rent or mortgage payments, slightly up from 26% last year,
    27% support extracurricular activities or childcare, down from 33% last year.

Are Canadians any more prepared for retirement in 2025?

• 76% of grandparents say supporting their family affects their retirement savings (up from 65% last year), with 30% reporting a significant impact.
• 61% plan to adjust their lifestyle or spending habits to address potential shortfalls in retirement savings, 29% are planning to reduce financial support, and 19% are unsure how to manage the shortfall.
• 36% are likely to take on part-time work during retirement due to inflation and living costs.
• Only 21% are considering downsizing or alternative living situations to access home equity earlier than anticipated.
• Over half (55%) are concerned their retirement savings won’t be enough to maintain their lifestyle as costs outpace savings.

Will Canadians feel the pinch again this upcoming holiday season?

• 58% plan to spend under $1,000 this holiday season, up 10% from last year (48%), reflecting a more cautious approach.
• 63% of Canadians say rising costs will make holiday spending harder, with 24% expecting it to be much harder, consistent with last year (65% and 25%).

“We know Canadians are feeling the squeeze of rising costs, and this year’s survey shows that strain more clearly than ever,” said Ben McCabe, Founder and CEO of Bloom Finance. “More Canadians are supporting their families with everyday expenses, and more are telling us it’s cutting into their retirement savings. At Bloom, we see this pressure every day, and our focus is on helping older Canadians use the value in their homes so they can live more comfortably.”

Bloom Finance continues to provide solutions that empower Canadian seniors to maintain both their financial independence and the ability to support their families. Through unlocking home equity in flexible and responsible ways, Canadian seniors can reduce financial stress, protect their retirement security, and enjoy a more comfortable lifestyle even amid rising living costs.

For more on Bloom Finance, visit bloomfin.ca.

About Bloom Finance Ltd.

Bloom is a leading Canadian fintech company dedicated to assisting homeowners aged 55 and above in accessing the wealth accumulated in their homes to enjoy more comfortable retirements. Through the integration of cutting-edge technology and innovative product delivery, the company is reshaping home equity access to be adaptable, enduring, and user-friendly. Bloom’s overarching mission is to alleviate financial stress among retired homeowners, enabling them to relish the golden years of their lives. Licensed in ON:13338, BC:MBX600455, and AB. Discover more at www.bloomfin.ca.

Methodology

These are the findings of a study conducted by Bloom Finance from September 17 to 22, 2025, among a sample of 510 online Canadians aged 55 and over 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 +/- 4.4 percentage points, 19 times out of 20.