Over a third of Canadians are worse off financially than last Christmas: Poll
The cost-of-living crisis is ruining Christmas for Canadians, with three-in-five saying inflation is their number one concern.
The cost-of-living crisis is ruining Christmas for Canadians, with three-in-five saying inflation is their number one concern. Worse still, over a third report they are poorer now than they were last Christmas.
A new poll by the Angus Reid Institute, which asked 4,025 Canadians, statistically weighted to represent Canada’s demographics, how they’re feeling about their financial situation, before the most expensive time of the year for most Canadians.
When asked how they felt about their finances compared to last Christmas, 36 per cent of Canadians said they were worse off, while 47 per cent said they were in about the same situation.
More than one-fifth, 22 per cent, of Canadians reported facing high financial pressure this year, while 19 per cent reported facing “medium” economic pressure.
Among those who reported being under “high financial pressure” and who had jobs, 43 per cent said they felt either totally or mostly insecure in their employment. For those under “medium pressure,” 15 per cent said the same.
Nearly nine in 10 Canadians who reported being under high financial pressure said their household finances were poor or very poor. Almost three-quarters, 75 per cent, said the cost of living was their top issue. For those reporting medium financial pressure, 64 per cent said it was top of mind.
A probability sample of the same size carries a margin of error of no greater than 1.5 percentage points, 19 times out of 20.
Grocery prices saw their most significant monthly jump in almost three years last month. The annual price increase in November was 2.2 per cent, on par with the October increase. Grocery prices spiked the consumer price index up 2.6 per cent for the third consecutive month.
Another survey by Nanos Research in November found that one in five Canadians were forced to skip out on bills to afford groceries. Of those aged 18 to 34, 18.1 per cent said they sometimes or often miss bill payments in order to feed themselves.
The Christmas season is often a time when Canadians look to be generous to those less fortunate. However, food banks across Canada are reporting record-high usage, with 2.2 million visits this March alone.
A Fraser Institute study also found that Canadians are less generous, with only 16.8 per cent donating to charities, marking the lowest level of generosity in 20 years.