A new study from the non-profit Angus Reid Institute finds some Canadians struggling more than ever to endure the financial stresses of the pandemic, while others, secured by their relatively strong position of wealth, have seen their economic well-being maintained, if not improved.
Indeed, on the negative end of this spectrum, two-in-five (39%) Canadians say they are worse off now than they were last year. This represents the largest group saying this in 13 years of tracking by ARI. This segment of the population is comprised largely of those who have lower incomes, more precarious housing situations, and difficulty keeping up with inflationary trends while relying on stagnant wages.
On the other end of the spectrum are higher-income, low-debt households, who have seen their position either unchanged over the past year or improved.
Notably, amid the highest level of inflation seen in 30 years, approaching three-in-five (57%) Canadians say that it is currently difficult to feed their household. In 2019, when the Angus Reid Institute asked this same question, 36 per cent said this aspect of their finances was causing them difficulty.
As Canadians endure these challenges, many expect worse to come. One-quarter (23%) of Canadians are optimistic that their financial standing will improve in the next 12 months, but more – 29 per cent – say it will worsen.
Read the full study here.