The personal finances of more than a third of Quebecers have deteriorated because of the COVID-19 pandemic.
BDO Canada’s annual Affordability Index, which looks at the cost of living in the country, reported Tuesday. For the purposes of the Index, more than 2,000 Canadians were surveyed by Angus Reid.
Thus, the study notes that two Quebecers questioned out of five said they had saved less or not at all. In addition, six in ten Quebec respondents with debt pointed out that they had to reduce their expenses or that they were unable to meet their payments.
More than four in ten Quebecers report the importance of prioritizing the establishment of an emergency fund to the detriment of savings for retirement or renovations to their home.
Nationally, the survey indicates that there are twice as many Canadians who find themselves in a more difficult financial situation as a result of the pandemic than Canadians whose personal finances have improved (39% versus 18%).
“Over the past three years, the BDO Canada Affordability Index has shown that more and more Canadians must fight against the rising cost of living,” said Doug Jones, president of the Financial recovery services at BDO Canada, a firm that offers accounting and tax services, in particular.
The latter notes that faced with COVID-19, Canadians are reducing their spending, but they are also finding it more difficult to cope with debt. “Many Canadians lose confidence in their ability to manage their finances, and yet they are reluctant to seek help,” added Jones, encouraging people to seek professional debt advice.
The survey, conducted by Angus Reid, was conducted between September 1 and 8, with a representative sample of 2,047 adult Canadians.