The majority of Canadians cannot afford unexpected expenses:Report

By: 600011 On: Feb 1, 2024, 1:46 PM


Many Canadians are struggling with the financial crisis. Canadians say rising prices, inflation and other financial burdens have made life difficult. They say they can't even afford unexpected expenses in the meantime. Many responded that they would not be able to handle an unexpected $1,000 expense.

According to Statistics Canada's 2023 survey, 26 per cent of Canadians said they could not afford an unexpected $500 expense in the 2022 fall season. And the vast majority are worried about rising gasoline and food prices. Nearly half (44 percent) expressed concern about not being able to afford housing or rent.

Meanwhile, some financially secure people said that an unexpected $1,000 expense wouldn't faze them. But the majority of Canadians are unable to afford unexpected expenses, the report said.