1 in 4 Canadians can’t afford $500 unforeseen expense as inflation bites: report
Global News
New data by Statistics Canada showed that one-third of the population found it hard to make ends meet over the past year as inflation hit a 40-year peak.
As Canadians continue to feel the pinch of decades-high inflation, one in four say they can’t afford an unexpected expense of $500, according to new data from Statistics Canada.
The report released on Monday also showed that more than one-third (35 per cent) of the population found it hard to make ends meet over the past year as the cost of everyday essentials soared.
Meanwhile, nearly half of Canadians said they were worried about keeping a roof over their head.
“While the vast majority of Canadians were concerned with rising gasoline and food prices, almost half (44 per cent) said they were very concerned with their household’s ability to afford housing or rent,” Statistics Canada said.
Young adults, women and racialized groups in particular felt the impact of the high cost of living, StatCan data showed.
Statistics Canada conducted its survey between October and December 2022.
Nearly half (46 per cent) of Canadians aged 35 to 44 said they faced challenges to cover their expenses in the past 12 months. That was the highest proportion of any age bracket, followed by 41 per cent for those aged 45 to 54 years.
Recent polling by Ipsos conducted exclusively for Global News echoed some of those concerns, with 22 per cent saying they are “completely out of money” to the degree that they would not be able to pay more for household necessities.
