According to a recent Ipsos poll, 72% of Canadian households with children are worried about feeding their family because of the soaring cost of living driven on by inflation.
According to Statistics Canada, the consumer price index reached a four decade high last month reporting a rate of 7.7%.
The Ipsos survey conducted on behalf of Global News found that 72% of parents struggled to put food on the table.
However, 57 percent of homes without children said they experienced the same problem.
“Younger Canadians are looking at a situation that they haven’t seen in their lifetime,” said vice-president of public affairs at Ipsos Gregory Jack.
“You can see why all of this is kind of piling on all at the same time. This is a unique period in Canadian history. I mean, we haven’t had inflation this high in over 30 years.”
Additionally, 80% of households with children stated that they think interest rates will rise faster than they can handle. Meanwhile, 92 percent of households believed that the cost of living will continue to rise.
69 percent of families with children indicated they might have to abandon their plans for a summer vacation this year due to cost concerns, compared to 52 percent of households without children.
“People who are a little bit more vulnerable or maybe have less money to combat the cost of inflation, this is a really stressful period … People are asking for raises and looking for their employer to help them through this difficult period,” said Jack.
Regarding salaries, 79 percent of Canadians are concerned that their pay will not keep pace with inflation.
According to study done by the Fraser Institute, Canada ranks amongst the highest in debt. Canada amassed the second-highest amount of debt among the 33 developed nations. The report also discovered that debt accumulation did not translate into economic performance.