The ongoing pandemic has led many Canadians to experience financial stress. With the country's inflation rate at its highest since 1991 and food prices on the climb, it's no surprise that 57% of Canadians are struggling to feed their household, a study from the Angus Reid Institute (ARI) says.
That figure is up from 36% in 2019, showcasing the staggering effect that the increase in the cost of living and pandemic-related economic turmoil has had on Canadians. However, the study, conducted via an online survey that reached 5,002 Canadians between January 7 and 12, suggests that Quebecers aren't nearly as stressed about food security and debt as residents of other surveyed provinces.
When asked about their financial situation, 24% of overall respondents said they were "thriving," while 27% were "struggling." Of all the provinces surveyed, Quebec had the highest share of respondents who described themselves as "thriving" (31%) and the smallest share of "struggling" respondents (19%).
In addition, the survey measured economic stress in Canada's urban centres. Montreal appears to be weathering the storm far better than most cities. 35% of Montrealers sampleddescribed themselves as "thriving" compared to 29% of respondents in Vancouver, 27% in Toronto and 22% in Calgary.
The study also shed light on provinces' stress levels in relation to debt, with 36% of respondents in Newfoundland and Labrador and 31% in both Alberta and Saskatchewan stating that debt is a "major source of stress." As for Quebec, only 19% said their debt was a major source of stress, while 40% of the Quebec sample said either that debt is "not a problem at all" or that they don't have any debt.
The ARI further observed that while residents of Alberta (49%), Saskatchewan (47%), and Newfoundland & Labrador (47%) were the most likely to say they are worse off financially now than they were a year ago, respondents in Quebec were the least likely (33%). Nearly half (49%) of the Quebec respondents said they were in the same financial position as a year ago, while 17% said they were better off now.
The ARI pointed out that the province of Quebec had an unemployment rate of 4.6% in December 2021, the lowest of all the Canadian provinces.
This article's cover image was used for illustrative purposes only.