The federal agency reports that in the summer of 2021, 48% of residents lived in a home that found it easy or very easy to make ends meet. By the end of last year, that number had fallen to less than a third, or 29%.
Statistics Canada found that this increase in the degree of financial hardship is in line with findings from the Labor Force Survey which showed that more than a third of residents were experiencing financial hardship in October 2022, compared to a fifth in October 2020.
Daily commodity prices rise
In 2022, theCPI It rose by 6.8%, the highest increase since 1982 when it was 10.9%. The prices of daily goods and services saw the largest rise, including transportation by 10.6%, food by 8.9% and housing by 6.9%.
Data from the Canadian Social Survey (CSS) reveals that the proportion of people aged 15 and over who live in a household that is having difficulty making ends meet has shown an upward trend, from 19% in the summer of 2021 to 24% last summer. At the end of 2022, 35% of the population lived in such a household.
Last fall, adults ages 25 to 54 were more likely to live in a household that found it difficult or extremely difficult to meet their financial needs, ahead of people ages 15 and older who are job seekers, renters, recent immigrants, and people who live with children. .
Data from the federal agency also shows that 39% of residents who experience racism said their family had difficulty making ends meet, particularly Black Canadians and those of South Asian descent.
On the other hand, 44% of Indigenous people were more likely to suffer financially than non-Indigenous people, at 35%.
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