A new Statistics Canada report reveals that 45% of Canadians reported rising prices are greatly affecting their ability to meet day-to-day expenses in early 2024, marking a significant increase from 33% in 2022. The survey, conducted between April 19 and June 3, 2024, as part of the Canadian Social Survey, provides comprehensive data showing how inflation and rising costs are impacting various segments of the population across income brackets, age groups, and other demographic factors.
The financial strain shows a stark divide across income levels, with nearly 60% of individuals in the lowest income quintile reporting significant difficulty in meeting daily expenses compared to only 27% of those in the highest income quintile. The impact extends beyond budgetary concerns to mental health implications, with more than a third (35%) of Canadians describing most days as quite a bit or extremely stressful due to financial issues. This stress is particularly pronounced among lower-income groups, with almost half of those in the lowest income quintile reporting high levels of financial-related stress.
Age plays a crucial role in how Canadians experience financial pressure, with 55% of individuals aged 25 to 44 reporting great difficulty in meeting day-to-day expenses due to rising prices compared to only 28% of seniors. This generational divide is further reflected in housing affordability concerns, with 56% of those aged 15 to 34 expressing high levels of concern compared to just 19% of Canadians aged 65 and older. Households with children and those including disabled family members are among the most vulnerable to financial strain, with 57% of individuals with a disability reporting significant difficulties in meeting daily expenses compared to 43% of those without disabilities.
The prolonged financial stress is taking a toll on Canadians' overall quality of life and outlook for the future. Only 35% of those experiencing high financial stress reported feeling hopeful about the future compared to 73% of those not facing daily financial stress. Moreover, a mere 17% of Canadians describing most days as financially stressful reported high life satisfaction, in stark contrast to 70% of those not stressed about finances. Housing affordability remains a critical concern, with 38% of Canadians reporting being very concerned about their ability to afford housing or rent due to rising prices, up from 30% in spring 2022.
In response to these financial pressures, an increasing number of Canadians are considering turning to community organizations for support. Nearly one in four Canadians (23%) indicated they would likely rely on such organizations for food or meals throughout 2024, up from 20% in 2022. This trend underscores the growing strain on household budgets and the potential increased demand for social support services as Canadians grapple with these financial challenges.
