Nearly 3 in 10 (29.0%) Canadians reported that the COVID-19 situation is having a moderate or major impact on their ability to meet financial obligations or essential needs such as rent or mortgage payments, utilities and groceries. A further 23.8% said it was too soon to tell, while just under one-half (47.2%) reported minor or no impact. At the time of the survey, the one week waiting period for Employment Insurance had been waived, and the new Canada Emergency Response Benefit had been announced but was not yet available.
A moderate or major impact was notably more likely among those who were absent from work the week prior to the survey for reasons related to COVID-19 (59.9%), compared with those who worked for part or all of that week (27.0%) and those who were not employed (24.1%). Also, moderate or major impacts were four times more common among those who felt insecure about their employment status over the next four weeks (64.3%) than those who did not feel insecure (15.9%).
Canadians aged 55 and older were least likely to report a moderate or major impact on their ability to meet financial obligations or essential needs (19.3%), compared with youth (31.0%) and core-aged people (35.9%). This was mostly driven by the fact that older people are less likely to be employed. Among the employed, there was little difference in this proportion across age groups.
Chart 1: People experiencing moderate or major impacts of COVID-19 on their ability to meet financial obligations or essential needs also report poorer mental health, March and April 2020
Chosen excerpts by Job Market Monitor. Read the whole story @ The Daily — Canadian Perspectives Survey Series 1: Impacts of COVID-19 on job security and personal finances, 2020