Young, BIPOC Canadians face biggest financial setbacks from COVID-19

 

TORONTO -- A new poll shows young Canadians and those who are Black, Indigenous or people of colour face the hardest hit to their finances from COVID-19.

The poll commissioned by TD Bank found 66 per cent of Canadians surveyed between 18 and 34 have experienced or anticipate experiencing unemployment or reduced hours as a result of COVID-19 compared with 38 per cent of those aged 55 plus.

About 70 per cent of Filipino, 65 per cent of South Asian and 64 per cent of Black Canadians expect to face unemployment or a reduction of income within the next three months due to COVID-19, compared with 53 per cent of the general population surveyed.

Nearly 30 per cent of Canadians with disabilities expect to be late paying their rent or mortgage because of the pandemic, but only 20 per cent of the general population is expecting to be in the same situation.

Almost 30 per cent of Indigenous people expect to borrow money for essentials, compared with nearly 20 per cent of the general population surveyed.

The poll was conducted online between April 20 and May 6 and talked to 936 Canadians, 38 per cent of which identified as financially vulnerable, up from 15 per cent in November 2019.