A pair of new reports say
The two reports released Tuesday said the uneven recovery is amplifying economic disparities that existed pre-pandemic and widening the gap between the haves and have-nots.
With the second wave of COVID-19 intensifying across the country, both reports suggest the divide between the rich and poor in
The affordability index by
The index, based on polling data by the
Meanwhile, the latest
"While some are fortunate enough to be able to continue working in their present jobs, but from home, others continue to struggle with financial uncertainty and not knowing whether their job will still be around after the pandemic,” Bazian said in a statement.
The MNP index, based on polling data by
Many households reported being just hundreds of dollars away from bankruptcy, a sign they're living paycheque to paycheque.
MNP said 44 per cent of households earning
Both reports underscore a yawning chasm between Canadians who are losing ground and those whose financial situation has improved during the pandemic or hasn't changed.
He said COVID-19 has prompted Canadians to cut back on spending and save more, but that people are also finding it more difficult to keep up with debt.
"These factors will likely put long-term stress on families and the economy," Jones said in a statement. "Now is the time to keep a close eye on household budgets and avoid debt whenever possible."
The survey found that two-thirds of Canadians with debt cannot keep up with their debt payments or have had to make sacrifices in their budgeting.
While this typically involves foregoing non-essential “nice-to-have” purchases like entertainment or recreation, the survey found that nearly a quarter of Canadians forego essentials like food or clothing.
The survey also showed that residents of
Meanwhile, Canadians who are saving more tend to be young, university educated and earn more than
This cohort tended to shift spending away from non-essentials such as restaurants and travel into savings — reducing concerns about debt.
The Angus Reid online survey, in partnership with BDO Canada, included 2,047 Canadian adults surveyed
The
According to the polling industry’s generally accepted standards, online surveys cannot be assigned a margin of error because they do not randomly sample the population.
This report by
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