By The Canadian Press

Rich get richer, poor poorer; Report says pandemic intensified economic disparities

Oct 13, 2020 | 9:28 AM

TORONTO -A new report says COVID-19 has widened the gap between the haves and have-nots in Canada, amplifying the economic disparities that existed pre-pandemic.

The affordability index by BDO Canada Ltd. found that while one in five Canadians say they are better off, nearly two in five say their personal finances deteriorated during the first wave.

The index, based on polling data by the Angus Reid Group, found that those who are worse off are nearly four times more likely to say their debt load is overwhelming.

The report underscores a yawning chasm between Canadians who are losing ground and those whose financial situation has improved during the pandemic or hasn’t changed.

Doug Jones, president of BDO Debt Solutions, says the affordability index shows Canadians are struggling more and more with the cost of living.

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He says 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.