“Canadians are overwhelmed and certainly fatigued”

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THUNDER BAY – NEWS – The stress of COVID-19 is impacting all of our lives. Overall, 84 per cent of Canadians are worried about cost-of-living/inflation, seven-in-10 are worried about their physical and mental health (e.g., getting COVID, burnout, sleep deprivation) and two thirds are concerned about Covid restrictions.

Other fears are being able to save money (63%), managing day-to-day household expenses (54%) and managing debt (47%).

As we enter year three of the pandemic, Canadians are most worried about cost-of-living, Inflation, their health (both physical and mental) and COVID restrictions – this according to a new national survey by Licenced Insolvency Trustees, Bromwich+Smith.

The Perfect Storm Survey, an Angus Reid study of 1519 Canadians, puts a lens on financial hardships throughout the pandemic, the conversation around work, cost of living and the delicate balance of health.

Nearly half of Canadians (48%) are more stressed to start 2022 than they were during the first lockdowns in 2020, especially as it pertains to their finances.

“The results of the survey are expected, but especially troubling when viewed through the prism of groups more vulnerable to economic shocks, such as younger adults,” said Laurie Campbell, director of client financial wellness at Bromwich + Smith.

How worried are you about the following: Total 18-34 35-54 55+
Inflation/cost-of-living 84 % 88 % 87 % 78 %
Physical and mental health (e.g., getting COVID, burnout, sleep deprivation) 70 % 79 % 72 % 61 %
COVID restrictions 66 % 70 % 66 % 62 %
Being able to save money 63 % 73 % 69 % 50 %
Managing expenses 54 % 59 % 60 % 45 %
Managing debt 47 % 49 % 56 % 38 %
Job insecurity (reduced hours/pay, layoffs, lack of new opportunities) 41 % 53 % 46 % 26 %
Housing insecurity (ability to secure housing or pay rent) 35 % 51 % 37 % 22 %

Canadians were also asked to answer how several possible economic situations would impact them in 2022. At the top of the list was a planned rise in payroll taxes (due to rising CPP and EI payments), a repayment of personal debts and the likelihood of rising rents in Canadian cities.

  • 49 per cent would be most impacted by the planned rise in payroll taxes
  • 44 per cent by a repayment of debts
  • 37 per cent by rising rents in Canadian cities
  • 29 per cent by a reduction in hours/pay at work
  • 28 per cent by changes, reductions or repayments to government supports

“Canadians are overwhelmed and certainly fatigued by the numerous economic and life/health challenges being thrown their way,” said Campbell. “I can’t imagine a bigger need for financial relief than living through this global event.”

For people struggling financially, a caring professional at Bromwich+Smith is available to help conquer your debt and rebuild your worth.

About the Perfect Storm Survey by Bromwich+Smith
From January 5 to January 6, 2022, an online survey was conducted among a representative sample of 1,519 Canadians who are members of the Angus Reid Forum. For comparison purposes, the sample plan would carry a margin of error of +/- 2.5 percentage points, 19 times out of 20. Discrepancies in or between totals are due to rounding.

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