Financial anxiety deepens as Canadians report shrinking savings buffer: United Way
Financial anxiety continues to climb across Canada as more people say rising costs are eroding their sense of stability, according to new data from United Way Centraide Canada (UWCC) and Leger.
Sixty per cent of Canadians now say they’re anxious about their personal finances, up five percentage points in just six months, and 31 per cent say their financial situation has worsened in that same time.
Financial flexibility has also shrunk, with nearly half of respondents (46 per cent) saying they could only cover their expenses for one month or less before falling into debt.
The pressure appears to be widespread, with 22 per cent of respondents reporting they have personally experienced poverty, up from 19 per cent.
Rising costs for essentials such as food, housing and energy are among the key factors driving financial strain, according to UWCC.
The impact is being felt most among single parents, newcomers and young adults.
Despite the challenges, the data also highlights the importance of community-based supports.
Among Canadians who accessed services through community organizations, 40 per cent reported an improved financial situation, while 36 per cent said their financial anxiety decreased, and 76 per cent of those who received housing assistance described it as helpful.
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