TORONTO – One-third of Canadians say their personal finances have worsened over the past month as gasoline prices and inflation continue to rise. And expectations are not optimistic.
According to a new survey conducted by Canada Pulse Insights (here) for CityNews among 1,547 Canadian adults via the SAGO online platform between April 24 and 28, the 30% of respondents said their financial situation has worsened, while 60% said it has remained unchanged; only one in ten, 10%, said it has improved.
Among those reporting a worsening financial situation, the most affected are people earning $50,000 or less (40%) and residents of Atlantic Canada (37%). They are closely followed by residents of British Columbia (35%) and Alberta (34%).
Those who reported an improvement in their financial situation are mainly young people aged 18 to 24 (14%), men (13%: compared to 7% of women), and people earning over $50,000 per year (11%). The highest overall improvement was recorded in Quebec (14%).
At the same time, 78% of respondents said they are worried about their day-to-day or household finances, while 34% said they may struggle to cover essential expenses. 14% believe they could lose their job or be laid off due to a lack of work and said they would not be able to afford necessary goods for themselves or their families. Nearly one in ten Canadians (13%) said they may be unable to repay loans or mortgages, while 7% fear declaring bankruptcy.
The survey was released today, as gasoline prices is expected to rise by a further 10 cents to 195.9 cents per litre ($1.95), the highest level since the summer of 2022. And given the international situation – starting with the conflict in Iran – further increases are more than possible.
The full report can be downloaded here: Inflation’s Ripple Effect Leaving Canadians Under Growing Financial Pressure and Anxiety.
