One in four Canadians say they could not afford an unexpected expense of $500, according to Statistics Canada.
A new Statistics Canada report paints a grim picture of Canadians’ financial stability, with young adults among those most concerned about their finances.
Of Canadians surveyed, 35 per cent said it was difficult for their household to meet its financial needs in the past year, according to the most recent cycle of theThe survey collects information on health, well-being and family planning, and the new results cover responses gathered from late October to early December of 2022.as prices rose for all eight major components last year, the most significant being transportation, food and shelter.
One in four Canadians overall cannot afford an unexpected expense of $500, whereas more than one-third of people aged 35 to 44 reported they were unable to do the same.Nearly 60 per cent of people aged 15 to 24 reported they are “very concerned” about being able to afford housing or rent, with 56 per cent of those aged 24 to 34 reporting the same. That number significantly drops among those 65 and older with just 27 per cent reporting concern about their ability to afford shelter.
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