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Rising cost of living, pressure on Quebec residents

Rising cost of living, pressure on Quebec residents

The first financial stress among Quebecers is the increase in the cost of living (50%), according to a recent Scotiabank survey.

The two other factors causing financial stress among Quebecers are their physical health (46%) and the health of their family members (44%).

The results of the survey, which was released Thursday, also revealed their particular concern about the growth and protection of their investments in light of the current economic climate (19%). However, they are trying to take matters into their own hands, as 42% of them have called in a counselor within the past 12 months.

Also, Quebecers indicated that they spend an average of seven hours a week worrying about the state of their wallets, “much fewer hours than all of the other provinces surveyed,” we can read. In fact, respondents from Alberta and British Columbia reported an average of 12, and from Ontario nine, while the Canadian average is 10, “which is a 25% increase from 2020”.

Dr. explained. Archie MacDonald, Senior Vice President, Deposits, Investments and Payments at Scotiabank.

The survey was conducted on October 12 and 13, 2021 among 1,521 Canadians.

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