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By David Opinko

Inflation, pandemic hurting families financially, especially in Alberta: Study

Jun 18, 2021 | 12:12 PM

LETHBRIDGE, AB – It goes without saying, but the COVID-19 pandemic, coupled with other factors, has left many Canadians strapped for cash.

A new survey from the Angus Reid Institute confirms this.

Among the 4,948 Canadians polled between June 2-7, 34 per cent say they are worse off now than last year.

Although we are now, fingers crossed, approaching the end of the pandemic, Stats Canada reports that there are still 571,100 fewer jobs now compared to February 2020.

At the same time, inflation rose at the fastest rate since 2008 at 3.6 per cent year-over-year.

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Strong majorities of respondents say, over the next six months, they expect to pay more for groceries (85 per cent), gas (84 per cent), buying a home (81 per cent), and doing a major home improvement (80 per cent).

Albertans were the most likely to say that they are financially worse off now than a year ago at 45 per cent. Just 13 per cent are doing better while 41 per cent are in about the same situation.

The province has not only been affected by COVID closures, inflation, and the global economic downturn, but also the crash in oil prices.

Behind Saskatchewan, Albertans were also the least optimistic about their short-term economic prospects as 29 per cent believe they will still be in a worse financial position by this time next year.

Canadians expressing support for the Conservative Party of Canada were less hopeful about their finances over the coming year while those who would vote for the Liberals or NDP had the brightest outlooks.

Respondents in lower income brackets or who are younger in age are disproportionally in a worse financial situation now.

Full survey results can be found here.

(Supplied by Angus Reid Institute)

(Supplied by Angus Reid Institute)

(Supplied by Angus Reid Institute)

(Supplied by Angus Reid Institute)

(Supplied by Angus Reid Institute)