Every year, it seems that prices for everything go up. From gas to groceries, your monthly bill gets longer and longer; but what prices are specifically increasing, and which ones are affecting Canadians the most?
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A new national study has recently revealed the numbers, and the results are definitely telling. According to the study, here’s what’s hurting everyone’s wallet in Canada these days.
Financial Pressures from Household Expenses
A report by Narrative Research found that everyday necessities are tied directly to affordability pressures for the majority of Canadian households today. But one expense stood out as the heaviest: groceries.
Reportedly, three-quarters (76%) of Canadians say that food costs have had the greatest impact on their household finances in recent times. This is by a wide margin, too, with the second-most financially impactful expense, gasoline, being mentioned by almost half of surveyed Canadians (47%).
Following that, one-third (33%) of Canadians note that mortgage or rent payments are a source of financial pressure. A similar percentage (29%) say that electricity costs are also weighing heavily on their budgets. Near the bottom of the key mentions ranking would be household maintenance or repairs (19%) and home heating (19%).
Financial stressors differ between age groups, as well. Notably, “those aged 25-34 are more likely than their counterparts to cite mortgage or rent as a stressor.” And how much you make in a year is another factor, as “Canadians with a household income less than $60K are more likely to feel the impact of food costs but are less likely to be impacted by gasoline costs.”
For more information, you can check out the full report here.
