This means many are finding it increasingly difficult to meet their basic needs with 71.9% stating their earnings have failed to keep pace with inflation and 87% believing their wages have not kept up with the overall rising cost of living.
“These figures paint a worrying picture,” says Joshua Harris, CEO of Harris & Partners. He adds that even where people have had a pay rise “it has often been swallowed up by inflation, leaving them no better off than they were years ago.”
The economic landscape has been defined by a relentless upward trajectory of costs for essential goods and services and household budgets have been stretched to their limits.
“This is not about wanting luxury items, it is about keeping up with the basics,” Harris explains. “When you have nearly nine in ten Canadians saying their wages are not enough to match rising costs, it is clear we have a systemic issue that needs to be addressed.”
The report highlights that households are not only struggling to maintain their current standard of living but are also finding it harder to build a financial cushion for the future. Emergency savings are being depleted, and the constant pressure is contributing to increased financial anxiety and stress-related mental health challenges.
