One-third of households say they’re financially worse off compared to year ago: poll

OTTAWA –

A brand new ballot finds one-third of Canadian households say their monetary scenario has worsened during the last yr.

According to a Leger ballot commissioned by the Association for Canadian Studies, 34 per cent of Canadian households say they’re financially worse off in contrast with a yr in the past.

The majority of respondents, 58 per cent, mentioned their monetary scenario is about the identical because it was a yr in the past.

Meanwhile, 9 per cent report their monetary scenario has improved.

Association for Canadian Studies president Jack Jedwab mentioned probably the most putting discovering within the survey is the unequal challenges Canadians have confronted during the last yr, with these in decrease earnings brackets feeling the biggest pinch.

Among Canadian households incomes lower than $40,000, 42 per cent reported their monetary scenario has worsened. That’s compared with 25 per cent of households incomes $100,000 or extra.

“People … in lower income brackets are finding the pinch particularly difficult in terms of the effects of the inflation and higher interest rates and so forth,” Jedwab mentioned.

High inflation and rising rates of interest have been squeezing Canadians’ funds during the last yr. To clamp down on quickly rising costs, the Bank of Canada has raised rates of interest aggressively with eight straight will increase since March.

The survey additionally discovered Quebecers had been the least prone to report their monetary scenario has worsened, whereas respondents in British Columbia had been the most definitely to report it stayed the identical.

Jedwab mentioned variety in responses throughout the nation might need to do with the housing market and variations in housing costs.

Renters had been additionally extra seemingly than householders to report their monetary scenario has worsened.

The on-line survey was accomplished by 1,554 Canadians between Jan. 23 and 25 and can’t be assigned a margin of error as a result of on-line polls will not be thought of actually random samples.

This report by The Canadian Press was first printed Feb. 7, 2023.