50% of Canadians say they’re financially worse off now than one year ago — a record high

A new study by the Angus Reid Institute has found that 1 in 2 Canadians (50%) say they are now financially worse off than they were one year ago. This is the highest rate ever recorded since Angus Reid began their tracking over a decade ago, in 2010.

Just 13% of Canadians say their financial position has improved over the past year. Quebec remains the only province in Canada where a minority, 45%, find themselves in a worse financial position than last year.

“A year of high inflation has taken its toll on Canadians. At least half in all provinces except Quebec say their financial situation has deteriorated over the last year. Younger Canadians are more likely than older ones to believe themselves to be in a better financial position over the last year. Higher income households are more positive in their financial self-assessment.”

Holiday hurt: Inflation realities deflate Christmas shopping plans, two-in-five cut back on charitable givinghttps://t.co/EG5XcSauPK pic.twitter.com/IUCkRM24ID

— Angus Reid Institute (@angusreidorg) December 5, 2022

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