Three out of four Canadians say they’re feeling financial stress as a result of the Covid-19 pandemic.
A study by financial technology company Borrowell found that 74% of those surveyed reported feeling some degree of stress brought on by the crisis. Over 40% say their biggest financial worry is how to pay for basic necessities such as food and rent. Nearly 30% described the level of stress as “extreme.”
Only 6% of people said they are feeling financially secure.
The study involved responses from more than 16,000 Borrowell members. Survey questions asked about their current financial state, whether they were facing reduced or limited income, whether they had fears about job security, and whether they were concerned about being unable to pay for basic living expenses.
Some 29% of respondent said Covid-19 has had an ‘extremely negative’ impact on their finances already, while 32% said they have no plan in place if funds run too low to pay bills.
“We are facing a health and economic threat the likes of which we’ve never seen,” said Andrew Graham, Borrowell’s co-founder and CEO. “People are worried about their jobs, worried about how they will pay bills this month. The survey is a sobering reminder of the precarious financial situation facing millions of families as the COVID-19 crisis deepen.”