Statistics Canada finds rising costs hit lower-income groups, younger adults, and families the hardest
Statistics Canada reported in spring 2024 that 45 percent of Canadians found rising prices to be significantly impacting their ability to meet daily expenses.
This marks a 12-percentage point increase from 33 percent two years earlier. These findings are based on the Canadian Social Survey conducted from April 19 to June 3, which examined the impact of rising prices on various aspects of life in Canada.
This survey is part of the Quality of Life Framework for Canada, a set of 84 indicators used to measure Canadians' overall well-being and guide policy decisions.
The survey highlighted that nearly 38 percent of Canadians were highly concerned about housing affordability in spring 2024, compared to 30 percent in spring 2022.
Rising food prices have also created financial strain, with 23 percent of households in spring 2024 indicating they were somewhat or very likely to rely on community organizations for food assistance in the next six months. This figure is close to the 20 percent reported two years earlier.
Financial stress continues to be a significant issue, with 35 percent of Canadians in spring 2024 reporting most days as quite stressful due to financial issues, a figure similar to the 33 percent reported in 2022. Lower-income Canadians are disproportionately affected by rising prices.
In spring 2024, 59 percent of individuals in the lowest income quintile said rising prices greatly impacted their ability to meet daily expenses, compared to just 27 percent in the highest income quintile.
Housing affordability was also a major concern for 48 percent of those in the lowest income quintile, while 61 percent of renters in this group reported significant concern about housing costs.
The survey also revealed that individuals with disabilities face greater financial challenges. In spring 2024, 57 percent of persons with disabilities reported difficulty meeting daily expenses due to rising prices, compared to 43 percent of those without disabilities.
Additionally, 43 percent of individuals with disabilities expressed significant concern about housing affordability, and 45 percent reported high levels of financial stress.
This group was also more likely to expect to rely on community organizations for food assistance, with 34 percent anticipating this need, compared to 21 percent of those without disabilities.
Younger adults and households with children also experience more financial difficulty. In spring 2024, 55 percent of people aged 25 to 44 years and 55 percent of households with children reported that rising prices were greatly affecting their ability to meet daily expenses.
These groups were also more likely to report high levels of financial stress and concerns about housing affordability.
Furthermore, 28 percent of households with children expected to obtain food or meals from community organizations in the next six months, compared to about 20 percent among other household types.
Financial difficulties have a measurable impact on quality of life. In spring 2024, only 17 percent of Canadians experiencing significant financial stress reported high life satisfaction, compared to 70 percent of those with little or no financial stress.
Additionally, 73 percent of those not experiencing daily financial stress had a hopeful view of the future, compared to just 35 percent of those with high financial stress.
