One in three Canadians in “bad” or “terrible” financial shape: survey
One in three Canadians in “bad” or “terrible” financial shape: survey

Canadians continue to struggle to make ends meet due to the high cost of living, according to a recent survey

The Angus Reid Institute found that 34% of Canadians are in “bad” or “terrible” financial shape. This is up six percentage points compared to last July. 

The survey notes that more Canadians report poor finances compared to the start of the Covid-19 pandemic when governments first implemented lockdown measures. 

“The fact that more describe themselves in bad shape financially now perhaps speaks to how challenging recent months have been for Canadians,” the Angus Reid Institute says.

The survey also found that one-in-ten Canadians have resorted to other measures to cope with the dire economic situation, including borrowing from friends and family (13%), selling assets (11%), or seeking out a bank loan (8%).

The survey revealed that among those who stated that they’re in “terrible shape” financially, nine-in-ten (94%) say it is difficult to feed their household.

According to the Daily Bread Food Bank, close to 270,000 residents visited the food bank in the month of March – the highest in the 40-year history of the organization.

Prior to the pandemic, the food bank saw approximately 65,000 client visits per month. However, that number has quadrupled since then.

The charity is calling on the Ontario government to take immediate action to help address this growing food insecurity crisis.

The online survey was conducted from March 30 to 31, 2023, among a representative randomized sample of 1,600 Canadian adults who are members of the Angus Reid Forum. A probability sample of this size would carry a margin of error of plus or minus two percentage points, 19 times out of 20.

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