Financial anxiety has climbed five points in six months across Canada
Nearly half of people in Canada now sit one month or less from debt if their main income stops, and that financial runway is shrinking fast.
According to the United Way Centraide Canada (UWCC) Financial Anxiety Index conducted by Léger, the share who could cover basic expenses for only one month or less before falling into debt rose to 46 percent from 42 percent in six months.
The strain is no longer confined to low-income households.
More than half (53 percent) of people in Canada rate their financial situation as "OK" or worse, meaning they can manage expenses but nothing more, or are already struggling.
Among those who call their situation "OK," 31 percent say it has worsened over the past six months and 24 percent expect further decline.
Among those rating their finances "Poor," 66 percent report things have gotten worse and 39 percent expect more deterioration.
Thinking about personal finances now makes 60 percent of people in Canada feel anxious, up five points in six months.
Forty percent report trouble sleeping because of financial stress and 34 percent say it has become harder to concentrate at work or school.
Single parents (58 percent) and newcomers (54 percent) are the most exposed, more likely than others to be unable to cover basic expenses without going into debt within one month of losing their main income.
Younger adults aged 18 to 34 also report significantly higher anxiety.
Food insecurity reaches 38 percent of people in Canada, and one in five report their household ate all its food with no money to buy more.
"This is not a crisis on the horizon. It is happening now, in communities across the country," said Dan Clement, president and CEO of United Way Centraide Canada.
Behind the data, he said, are people losing sleep over bills, struggling to focus at work and going without food.
When people use community supports, many report relief.
Forty percent of those who accessed support from a community organization said it had a positive impact on their finances, 36 percent said it helped them manage their anxiety, and 76 percent of those who used community housing assistance found it helpful.
"No one should have to choose between food, housing, and their mental well-being," added Clement.
