In the midst of inflation, skyrocketing interest rates and a potential recession, do you find yourself worrying about the affordability of everyday items? Well, you’re not alone. In fact, women and young people are the most worried about how they’ll be able to afford day-to-day basics right now, according to Global News.
The information is based on an Ipsos poll – conducted from October 18 to 20, 2022 – that shows that 84 per cent of Canadians are worried that inflation might make everyday items less affordable. Diving further, women and young people are particularly worried about the financial impact of our two per cent inflation rate.
Specifically, 88 per cent of women and 92 per cent of adults aged 18 to 34 were concerned about being able to afford day-to-day things — clocking in much higher than the 84 per cent average.
Women and the 18 to 34 cohort were also more likely to have fears around feeding their families right now.
Young people are more afraid of losing their jobs
Most Canadians are also worried that we’re headed into a recession, and young people have more fears around losing their job if the economy stays on this track. According to the poll, 83 per cent of Canadians fear that a recession is looming very closely, while 54 per cent of people aged 18 to 34 are concerned about losing their job.
“What we do know is many feel that they are struggling to get by,” Ipsos Public Affairs vice-president Sean Simpson explained to Global News. “They’re struggling to keep up, things are rising faster than their incomes are. And at the end of the day, many are worried, particularly parents, that they may not actually have enough money to feed their family. That’s very concerning.”
Simpson explains that these fears hit women and young people the hardest because, when Canada fell into a recession early on in the pandemic, these groups were hit the hardest and lost the most jobs.
Canadians are even more concerned with the holiday shopping season on the horizon. While 45 per cent of poll respondents had fears around being able to afford gifts for loved ones over the holidays, 66 per cent of Canadians aged 18 to 34 had those same fears.
How do you cope with financial stress?
Author of finance guide Happy Go Money Melissa Leong explains that, amidst financial stress, you should try to ease your fears by looking at what you can control, instead of incontrollable factors like inflation rates or the stock market.
Some tangible steps you can take to ease your stress include setting up an emergency fund in a savings account, paying down debt or setting a strict budget.
“If you’re feeling overwhelmed, assess your cash flow and categorize your expenditures so you have a better idea of where you can cut back or what your surplus is; clarity will bring comfort,” she told Global News.
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