Inflation is hurting everyone. The Financial Wellbeing Index for Summer 2022 by Lifeworks found that 29% of 3,000 respondents said they are concerned they can no longer afford daily life expenses. The measure for overall financial well-being fell to 64%, which is the lowest number recorded since the survey began in the winter of 2021.
Those under 40, who have had less time in the workforce to save, are significantly more troubled and are 75% more likely to report worry over basic life expenses. Parents are 40% more likely to be concerned about covering expenses. Perhaps this is why the government is slowly grabbing workers in a socialistic plot – don’t worry, the government will take care of you!
Half of those who expressed concern said that food prices had made the most notable dent in their wallets, while 35% cited gas costs. Nearly a quarter said they are worried about making good on their mortgage payments.
Inflation in Canada reached 7.6% in July, with core inflation up 6.6%. Inflation fell by 0.6% in August on the monthly level but is still up 7% annually. Government is engulfing the private sector, and long-term growth is not a priority for the Trudeau Administration.