Photo Courtesy Canadian Press

By David Opinko

Alberta

More than one-quarter of Albertans cannot cover an unexpected expense of $500: Stats Can

Feb 13, 2023 | 1:25 PM

LETHBRIDGE, AB – New research from Statistics Canada is highlighting the impacts that the inflation crisis is having on Canadians.

As of fall 2022, more than one-third (35 per cent) of Canadians said it was difficult for their household to meet all of their financial needs over the past year.

A slightly larger proportion of Albertans (38 per cent) gave the same answer.

When asked if their household could cover an unexpected expense of $500, approximately 28 per cent of Albertans said no.

At the same time, Albertans were among the least likely to be concerned with rising house prices, and would be the least influenced to move elsewhere because of housing costs.

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Statistics Canada reports that the Consumer Price Index (CPI) rose by 6.8 per cent on an annual basis in 2022, the largest increase since 1982.

Some of the categories most impacted by inflation last year include transportation (+10.6 per cent), food (8.9 per cent), gasoline (28.5%), and shelter (6.9%).

Despite the rising cost of living, younger Canadians between the ages of 25 and 34 had the highest levels of optimism (37 per cent) that their financial situations would improve. Seniors aged 65 or older were the least confident in their future finances, as just seven per cent believed things would get better.

READ MORE: How much Canadians have fallen behind amid high inflation and who’s hurting the most