Many Canadians worse off financially than they were a year ago: study

A new study says nearly four in 10 Canadians are worse off financially than they were a year ago.

Narrative Research, a market research company, surveyed 1,230 Canadians last month and found 38 per cent of them said they are worse off financially compared to where they were in 2023; 14 per cent said they were much worse off.

“It’s probably not surprising because we had this huge spike in the cost of living,” Margaret Chapman, COO of Narrative Research, told CTV News Atlantic’s Todd Battis on Thursday. “The financial concerns we’re all feeling are hitting everyone.”

Thirty-nine per cent said they were in a similar financial situation as last year while 23 per cent said they were better off compared to 2023.

The study found 47 per cent of Atlantic Canadians are financially worse off. Fifty per cent of Atlantic Canadians listed the ability to buy healthy food as a financial concern while 35 per cent cited electricity bills.

Narrative Research says Millennials and Gen Xers are more likely to be worried about their finances compared to Baby Boomers, but 37 per cent of Millennials and 40 per cent of Gen Xers feel better about their financial situation compared to last year while only 14 per cent of Boomers feel that way.