Canadians are sucking their savings dry and whipping out the credit card to make ends meet

It's like being backed into a corner.

As such, Canadians are taking desperate measures to make ends meet.

As the saying goes, when the going gets tough, the tough cut back, delay, deplete their savings and whip out the credit card.

A new survey shows 95.2% of Canadians are feeling the financial pinch from rising costs for food, housing, utilities and gas for the car.

Harris & Partners, the licensed insolvency trustees with offices in Duncan on Vancouver Island, Calgary, Toronto and Halifax, conducted the survey.

In response to the pressure, Canadians are trying to problem solve with the only tools at their disposal.

49% have reduced their spending, cutting back on everything from groceries, going out and holidays to home heating and cooling, TV subscription services and even the driving that guzzles gas.

22% have delayed purchases -- this includes everything from big-ticket items like a house or apartment, a new (or even used) car, a vacation, clothes and shoes for the kids and home improvements or repairs.

If they have savings, 15% are dipping into what they have tucked away to pay bills and make ends meet.

10% are relying more on their credit card or line of credit to cover monthly expenses.

Such a move is not sustainable.

It simply starts the vicious cycle of borrowing to pay bills only to end up more in debt.

"These findings paint a very clear picture: financial pressure is no longer temporary for many Canadians," said Harris & Partners CEO Joshua Harris.

"People are adjusting their lives in real time because the cost of everyday living continues to rise faster than many incomes can keep up."

The worst part is 91% of respondents feel they have no control over their financial situation because rising costs are linked to factors like inflation, tariffs, war and geopolitical strife.

"Canadians are feeling less financially secure than they did a year ago," continued Harris.

"Even individuals who were previously comfortable are now rethinking spending habits, postponing purchases and worrying about how quickly circumstances can change."

Being a licensed insolvency trustee, Harris is taking the opportunity to tout his profession and how he can help.

"There's a strong need for open conversations around financial stress and debt," he said.

"Many people wait until things become overwhelming before seeking help, but there are options available much earlier than most realize."