1 in 2 Canadians say they couldn’t manage a surprise expense over $1,000

A study by the Angus Reid Institute has asked Canadians to assess how much of a surprise expense they could absorb within their monthly budget, and 1 in 2 say they couldn’t manage one over $1,000.

A majority of Canadians (56%) now feel that they are falling behind, saying that they can’t keep up with cost of living increases.

“Canadians’ household budgets are becoming squeezed from all angles as the price of goods rises. The costs of food, gasoline and energy in particular are adding to household bills. Within this context, half say they would be unable to cover an unexpected $1,000 expense, including 1 in 7 who say they couldn’t deal with a surprise bill of any amount because their budget is already too stretched.”

—Angus Reid Institute

This article was originally published on Aug. 24 and updated on Nov. 1, 2022.

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