Image Credit: UNSPLASH/Michelle Spollen
April 09, 2023 - 7:30 AM
One-third of Canadians say they are in "bad " or "terrible" financial shape, while 20 per cent say they've taken money from savings accounts to make ends meet.
A recent Angus Reid poll found that 67 per cent of Canadians have cut back on discretionary spending, up by 14 percentage points from a poll conducted this time last year.
"However, for millions, penny-pinching doesn’t go far enough. Two-in-five say recent challenges have forced them to draw money from accounts that they try not to touch, and one in three say they deferred a contribution to their RRSP or TFSA," the Angus Reid poll states.
In B.C. just over half (52 per cent) say they are financially in good shape, with 11 per cent saying they are barely getting by.
READ MORE: Subsidized housing to rise behind controversial North Kamloops hotel
Compared to other provinces, B.C. sits roughly in the middle, with Ontario residents coming on top with 58 per cent saying they're doing well financially. Saskatchewan residents perform the worse with only 43 per cent saying things are going well financially.
Unsurprisingly, Canadian households that make less than $25,000 a year say they are struggling more than others, with 56 per cent saying they are either in bad or terrible shape.
Age is also a big factor, with 20 per cent of seniors saying they are in bad or terrible shape, compared to those under 24 years old where 40 per cent say they are in bad or terrible shape.
When it comes to wages nearly half of Canadians say they didn't get a pay rise in the last year.
However, 66 per cent of those in senior management got a rise, compared to only 45 per cent of service and retail jobs.
READ MORE: Sicamous pensioners struggle to find affordable housing
The poll also found that 17 per cent of households making more than $200,000 still said it was difficult to feed their household.
To contact a reporter for this story, email Ben Bulmer or call (250) 309-5230 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.
We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above.
News from © iNFOnews, 2023