Over 25 percent of Canadians say they would be unable to afford an unexpected expense of $500 should it arise, says a recent report published by Statistics Canada (StatCan).
“When asked whether their household had the resources to cover an unexpected expense of $500, 26% said that they would be unable to do so,” said StatCan report published on Feb. 13.
The report said that over one-third of Canadian households reported difficulty in meeting their financial needs over the past year and that the majority of individuals across the country are concerned with “increasing challenges of affordability.”
“While the vast majority of Canadians were concerned with rising gasoline and food prices, almost half (44%) said they were very concerned with their household’s ability to afford housing or rent,” the report said….