The Angus Reid Institute found a majority of Canadians are worried about the rising cost of food, rent, gas and the ability to buy a home or do renovations.
A new poll suggests that most Canadians are struggling with rising inflation and the cost of living.
The Angus Reid Institute poll found that 92 per cent say their weekly grocery bill increased and 85 per cent believe the cost of groceries will keep going up over the next six months.
As well, 96 per cent say over the past six months it has become more expensive for them to improve their home through renovations, potentially purchase a new home (95 per cent), and fill up their tank with gas (93 per cent.)
More than half of those who rent their accommodation (56 per cent) say their monthly rent has increased, according to the poll.
Overall, 34 per cent of Canadians say they are worse off now than they were at this time 12 months ago, compare with 20 per cent who say they are better off.
Compared to other provinces in Canada, however British Columbians are more likely (22 per cent) to say they are better off than a year ago, while residents of Alberta and Saskatchewan are the most likely to report being worse off than a year ago.
(source: Angus Reid Institute)
B.C. residents are slightly more optimistic than their neighbours, according to the poll, with 24 per cent believing they will be better off in a year, compared with 22 per cent in Alberta, and 19 per cent in Saskatchewan. Half of B.C. respondents think they will be in the same financial position in 12 months.
Not surprisingly, households in Canada’s lowest income brackets are the most worried about the future. Those earning less than $25,000 annually are the most likely (24 per cent) to believe they will be worse off a year down the road, while those in households making $25,000 to $50,000 annually are the least likely (20 per cent) to believe things will get better.
Those in six-figure households are the most optimistic about their financial future, with 29 per cent of those earning over $150,000 saying things will improve.
The Angus Reid Institute poll notes that, according to Statistics Canada’s most recent consumer price index report, Canadians are paying 3.6 per cent more for staples than they were this time last May, representing the largest yearly increase in a decade.
The survey also points out that the Food Price Report released in early 2021 predicted that families can expect to add $695 to their annual food bill, one of the largest surges in the 11-year history of the report.
The Angus Reid Institute poll of 4,948 Canadian adults was conducted from June 2 to June 7 and carries a margin of error of plus or minus 2.0 percentage points, 19 times out of 20.