The present study aimed to better understand the relationship between mental illness and poverty by comparing three groups of individuals with mental illness in Canada: those who see their financial status as improving, worsening, or staying the same. This study used a focused ethnography approach to collect qualitative data from 34 focus group participants. Participants highlighted several facilitators and barriers to financial improvement and often described their financial situation as a cycle that was difficult to escape. Results are discussed in terms of policy implications to facilitate both a movement toward mental health and away from poverty.