Too Much Month Left At The End of The Money

How to make ends meet when you can't find the ends

An Angus Reid survey finds one in six Canadians is living on the edge financially.

The study went beyond the usual income-based measures of poverty asking about the use of payday loan services and food banks, if the respondent has been unable to pay a utility bill, if they can afford dental care, and more. There were 12 situations in all. Sixteen per cent said they experience at least four of them; 77 per cent are struggling with at least one on a regular basis.

Those in the 35 to 54 age group are feeling the pinch the most – 51 per cent in that category said they were struggling; 39 per cent said they were close to the edge.

More than one in five people in the “struggling” group have household incomes between $50,000 and $100,000. Still, they are facing financial difficulty, which might be due to debt, the cost of living in their area or the expense of child-rearing.

Many feel their financial situation is worse than their parents was at the same stage of life.

More Key Findings:

  • Almost one-in-three Canadians (31%) feel “very stressed about money” on a regular basis – either “often” or “all the time
  • More than half of Canadians (52%) believe poverty has been increasing where they live in recent years. Fewer than one-in-ten (9%) say poverty has been on the decline in that time
  • Three-in-ten Canadians (30%) are pessimistic about their personal financial situation over the next few years
    More Canadians believe their children’s generation will be worse off (43% do) than themselves than believe they will be better off (32%)