Money Troubles Keep Canadians Up at Night as Inflation Rates Soar

A recent survey conducted by non-profit Angus Reid Institute has revealed that almost half of Canadians are in a worse financial position this year than they were last year. With only 15% saying they are in a better position financially, the situation is causing widespread concern across the country.

The survey also found that 38% believe they will remain in the same financial position this year, 31% expect their finances to deteriorate further, and only 22% are optimistic that their situation will improve. These figures paint a bleak picture of the financial struggles facing Canadians.

For those who are struggling financially, inflation is cited as the main cause of their woes. With inflation rates that haven’t been seen since the 1980s, a total of 69% of Canadians do not expect their financial situation to improve in the next 12 months.

Although inflation rates slowed in January to 5.9%, food prices continue to rise, affecting many Canadians at checkout aisles. The survey also revealed that inflation is three times higher than the 2% target set by the Bank of Canada.

The survey found that money troubles are taking up most of Canadians' concerns, leaving little room for other worries. Only 39% say they are worried about healthcare, while just 11% are worried about the environment.

The report also noted that lower-income households are struggling the most. Half of those living in households earning less than $100,000 say they are worse off financially than they were at this time last year.

The situation is worrying for Canadians, and it remains to be seen what steps will be taken to address the rising inflation rates and financial struggles facing many households.