A quarter of Canadians say they would be unable to cover an unexpected expense of $500, according to new data from StatCan.
Nearly half—44 per cent—also said they were very concerned about their ability to afford housing or rent.
A slightly larger percentage of women reported that they wouldn’t be able to cover a sudden $500 expense, at 29 per cent, compared to 24 per cent of men. Only 19 per cent of those aged 65 and older said they wouldn’t be able to cover a sudden $500 expense, compared to 35 per cent of people aged 35-44 years.More than half of those aged 15-24 years said that they were “very concerned” about their ability to afford housing or rent, followed by 56 per cent of those aged 25-34 years.
This optimism dropped as ages increased, with only seven per cent of those aged 65 and older believing that there might be a change in their finances in one year.The data shows that certain racial groups in Canada are experiencing more anxiety relating to finances, particularly when it comes to housing.
However, racialized Canadians also reported a higher belief that their financial situation might improve in a year, with one quarter reporting this believe compared to 19 per cent of non-racialized Canadians.Although the cost of living has skyrocketed across the country, it has climbed higher in some regions than in others, with consumer prices increasing at a greater rate in 2022 in Prince Edward Island and Manitoba, according to StatCan.
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