A quarter of Canadians are struggling to make ends meet. This is shown by new federal data.

The recent survey conducted by Statistics Canada examines key indicators of quality of life across the country. Participants in the survey were asked to assess the financial difficulties their households faced in the past year. The results show that 26.8% of Canadians reported that securing their financial needs was difficult or very difficult in the 12 months prior to the survey. This figure was 24.5% in the second quarter of 2022 but increased to 34.8% by the end of the past year, marking the highest recorded since the initial data collection in 2021.
It's worth noting that the trend of financial difficulties varies from one province to another. For instance, the Atlantic regions and the Canadian Prairies reported rates of 38.1% and 38.4%, respectively. Between the second quarter of 2022 and 2023, the proportion of households facing financial challenges decreased to 29.3% in New Brunswick, 25.6% on Prince Edward Island, and 25.4% in Nova Scotia. In Newfoundland, where the highest percentage of residents faced financial issues during this time, the rate decreased from 34.2% to 28.2%.
In the last three months, Manitoba ranked fourth among Canadian provinces in terms of financial difficulties, with an estimated 28.5% of its residents having experienced challenging or very challenging financial situations in the past year.
A recent analysis by TD Bank indicates a decrease in inflationary pressures in the Group of Seven countries since 2022. However, it also warns that Canada may experience a reduction in wage growth and an increase in unemployment in the near future.
Inflation plays a significant role in these matters. Substantial progress has been made, but it appears that the final stages of this path will be the most challenging.

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