Many Canadians have seen household expenses increase during pandemic

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Published March 18, 2021 at 11:37 pm

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Are you burning through your savings while the pandemic rages on?

A recent survey from FP Canada found that household expenses have increased for 34 per cent of Canadians, while 24 per cent said they have been unable to save money during the pandemic.

According to the results, 39 per cent of Canadians who were working at the onset of the pandemic said they have experienced the loss of a job, a pay cut, or a reduction in hours in the last 12 months.

Additionally, in Ontario, things are direr—40 per cent of Ontarians said their household expenses have risen, which is six per cent more than the national average.

Further, while 81 per cent of respondents said they had some money set aside, 41 per cent said they only have less than six-months worth of funds available in case of an emergency.

“It’s clear that no Canadian has been spared the impact of the pandemic on their personal finances, with many still living paycheque-to-paycheque and trying to stay on top of daily living expenses,” Stephanie Douglas, a Partner and Portfolio Manager with Harris Douglas Asset Management Inc., said in a news release.

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