We’ve been seeing the impact of inflation, skyrocketing interest rates and a potential recession on Canadians – in particular, women and young people – for quite some time now, but it looks like many have reached their limit financially.
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According to a poll from Ipsos Public Affairs for Global News – which was based on a survey of more than 1,000 Canadians from Jan. 19 to 23 – 22 per cent of Canadians have reached a financial breaking point and are “completely out of money.” In fact, this growing chunk of Canadians report that they would not be able to pay more for household necessities.
That number has risen by three percentage points from similar polling from October, and clocks in at a whopping 28 per cent among women. This means that more than one in four Canadian women are out of cash.
“The impact on [the] pocketbook is insurmountable,” Ipsos Public Affairs Vice President Sanyam Sethi explained to Global News. “And that’s where the current financial situation stands. Things are not looking up. The concerns are nowhere close to being alleviated.”
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In terms of residents of Ontario and Quebec specifically, one in four people would report that they are out of money, with 35 per cent of those residents having a household income lower than $40,000.
An even more shocking figure sees over half of respondents (54 per cent) reporting that they would struggle to meet further price increases in their budget. This number was up five percentage points from the October survey.
While inflation has come down by nearly 2 per cent from its peak of 8.1 per cent in June, 52 per cent of Canadians are still worried that they won’t have enough money to feed their family.
Related: ‘Canada’s Food Price Report’: Grocery bills may surge by up to $1,065 in 2023.
Women are feeling the impact of inflation more than men
There is a big gender gap in terms of who is feeling financially impacted by the high inflation rates. Across the board, Canadian women reported more concern about finances than Canadian men.
“The gender disparity is very, very clear here,” Sethi continues. “Women feel the pinch more so than men.”
“Our data is telling us that [the] general financial situation has eroded,” Sethi concluded. “Financial health has declined over time. The damage has been done – and it will take a long time to build back.”
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