A recent survey by Statistics Canada reveals that 45% of Canadians are struggling to meet day-to-day expenses due to rising prices, a considerable increase from 33% in 2022. This data underscores the growing financial strain on Canadians, with significant implications for mental health and overall quality of life.
The survey indicates that financial stress is widespread, with more than a third (35%) of Canadians reporting that financial issues make most days "quite a bit" or "extremely stressful." This prolonged period of financial difficulty is taking a toll on mental health, as highlighted by the survey authors.
The impact of rising prices varies across different income groups. Nearly 60% of those in the lowest income quintile and about half of those in the second and third income quintiles reported significant difficulty in meeting daily expenses. In stark contrast, only 27% of Canadians in the highest income quintile reported financial stress.
Furthermore, the survey reveals that almost half of those in the lowest income quintile experience daily stress due to financial concerns, compared to only 25% in the highest income quintile. This disparity highlights the uneven burden of rising costs across different socioeconomic groups.
Younger people, households with children, and individuals with disabilities are particularly affected. More than half (55%) of Canadians aged 25 to 44 struggle with day-to-day expenses due to rising prices, compared to only 28% of seniors. Similarly, 57% of individuals with disabilities report significant financial strain, as opposed to 43% of those without disabilities.
The financial strain is also affecting Canadians' outlook on life. Among those who do not experience daily financial stress, 73% have a hopeful view of the future. In contrast, only 35% of those who find most days stressful due to financial concerns share this optimism. Additionally, a mere 17% of Canadians who describe most days as stressful due to financial issues report high life satisfaction, compared to 70% of those who are not stressed about finances.
The housing crisis remains a major concern, with 38% of Canadians being "very concerned" about their ability to afford housing or rent, up from 30% in 2022. This issue is particularly acute among younger Canadians, with 56% of those aged 15 to 34 expressing significant concern about housing affordability. Concern decreases with age, with only 19% of those aged 65 and older sharing this worry.
Despite the financial strain, the reliance on external help such as community organizations for food or meals has not seen a significant increase. Approximately 23% of Canadians consider turning to food banks and community groups in 2024, a slight rise from 20% in 2022.
The survey, part of Statistics Canada's Canadian Social Survey, collected responses from April 19 to June 3, 2024. The findings paint a concerning picture of the financial and mental health challenges faced by a significant portion of the Canadian population.
