Nearly half, or 45 per cent, of Canadians say rising prices are “greatly impacting” their ability to meet day-to-day expenses, which is 12 percentage points higher than two years ago, according to a Statistics Canada study.
The feeling was most prevalent among young adults, who were more likely to report daily financial stresses and expectations to obtain food from a food bank. Among those who said they were stressed about money “most days,” just one in five people reported a high level of life satisfaction.
The study, which compiled responses from Canadians gathered in the spring, was published on Thursday.
Children were also an indicator of greater financial stress. Fifty-five per cent of households with kids reported day-to-day pressure, compared to 37 per cent of lone-occupant houses.
Housing affordability was also a common thread among respondents, many of whom reported elevated fears they would not make enough to buy a home or afford rent.
About four in 10 people said they were “very concerned” about being able to purchase a house or pay rent monthly. In 2022, three in 10 people felt that way.
StatCan says prolonged feelings of financial instability can result in widespread mental health impacts. One in three people described “most days” as “a bit” or “extremely” stressful because of money issues. That figure remained unchanged from two years ago.
More details to come.