In fall 2022, over one-third (35 per cent) of Canadians reported that it was difficult for their household to meet its financial needs in the previous 12 months, says a new report released Monday by Statistics Canada.
Mikhail Nilov
“When asked whether their household had the resources to cover an unexpected expense of $500, 26 per cent said that they would be unable to do so, with a slightly larger percentage of women (29 per cent) reporting this difficulty than men (24 per cent). Further, 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,” said the federal agency.
The Canadian Social Survey on Quality of Life and Cost of Living, collected from October 21 to December 4, 2022, was conducted in response to rising economic inflation.
In 2022, Canada saw the largest increase in the Consumer Price Index (CPI) since 1982 (+10.9 per cent), with an increase of 6.8 per cent since 2021. Prices rose for all eight major components of the CPI, with the largest increases in transportation (+10.6 per cent), food (+8.9 per cent) and shelter (+6.9 per cent), according to StatsCan.
While most Canadians reported concerns over increasing challenges of affordability, not all individuals were affected equally.
“Young adults were among those most concerned over finances. Almost half (46 per cent) of people aged 35 to 44 years found it difficult to meet their financial needs in the previous 12 months, the highest proportion of any other age group. Those aged 45 to 54 years (41 per cent) had the next highest proportion, and people aged 65 years and older (25 per cent) were the least likely to report difficulty,” said the report.
“Similarly, when asked whether their household could cover an unexpected expense of $500 today, more than one-third (35 per cent) of people aged 35 to 44 years said that they would be unable to do so, followed by those aged 45 to 54 years (30 per cent). People aged 65 years and older (19 per cent) were the least likely to expect difficulty covering such an unexpected expense.
“This generational disparity was particularly noticeable over concern with housing prices. When asked if they were concerned about their ability to afford housing or rent, 58 per cent of people aged 15 to 24 years reported being very concerned, followed by 56 per cent of those aged 25 to 34 years. People aged 65 years and older (27 per cent) reported the least concern.”
(Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald, covering sports, crime, politics, health, faith, city and breaking news, and business. He works as well as a freelance writer for several national publications and as a consultant in communications and media relations/training. Mario was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)
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