New figures from Statistics Canada show more than four out of 10 British Columbians are concerned about covering their expenses.
Forty per cent of surveyed British Columbians told the Canadian Social Survey rising prices are impacting their ability to cover their day-to-day costs -- up from 29 per cent when researchers last asked the same questions. Forty-two per cent said they are "very concerned" with their ability to afford housing or rent. Two years ago, the figure was 28 per cent.
Black Press Media received these figures from Statistics Canada after asking for additional information about the survey, which happened between April 19 to June 3, 2024.
The survey looked at various indicators of well-being with an eye toward improving policy. Its findings broadly confirm the effects of rising inflation in the aftermath of the COVID-19 pandemic and other external shocks such as supply-chain interruptions, and the effects of Russia's invasion of Ukraine.
The survey finds rising prices do not affect all Canadians to the same extent and British Columbia is no exception.
More than half of British Columbians — 53 per cent — in the lowest 20 per cent of the income scale expressed concerns about covering their expenses. The corresponding figure for British Columbians in the highest 20 per cent of the income scale is 29 per cent.
When it comes to the cost of housing, the differences between the groups are less pronounced. Forty-four per cent of lowest-income British Columbians reported feeling "very concerned" about affording housing or rent, ahead of the Canadian average of 48 per cent. The corresponding figure for the highest income bracket in B.C. was 39 per cent.
Overall, the survey found that the greater financial pressures of lower-income Canadians are having what the survey calls "measurable consequences" on health and well-being. Almost half of people (45 per cent) in the lowest 20 per cent reported most days as being "quite a bit" or "very" stressful due to financial concerns, compared with one-quarter of those in the highest income bracket.
When asked whether they may need to obtain food or meals from community organizations in the next six months, just over 4 in 10 Canadians in the lowest 20 per cent group reported their household as being somewhat or very likely to do so.
For Canadians in higher-income groups the share was smaller: 14 per cent among people in the fourth income group, and 9 per cent of those in the highest income group.
