FP Canada survey offers glimpse of financial impact of pandemic

A new survey from FP Canada offers a snapshot of just how much the pandemic has impacted our pocketbooks.

As the pandemic drags on, a large group of Canadians polled are finding it increasingly difficult to stay on top of the cost of living.

While more than one-third of them say their household expenses have increased in the last year, nearly one-quarter say they have been unable to save money. 

The new data also reveals nearly two-in-five Canadians who were working at the outset of the COVID-19 pandemic say they’ve experienced a job loss, a pay cut, or a reduction in work hours over the past year.

Half of working Western Canadians surveyed say they’ve suffered a job loss or wage/hour reductions, compared to one-in-three in the East

One-in-five working Canadian women say they’ve been forced out of the labour force entirely.

Given the current economic climate and labour market, 81 percent have money tucked away, but many (41 percent) have less than six months’ worth of savings.

The online survey of over 1,500 Canadians took place Jan. 29th to 31st, using Leger’s online panel.

You can link to the survey here.