Study reveals 45% of Canadians say they are worse off now than last year

A new study by a Canadian opinion research group revealed Friday that at least 45% of Canadians believe they are "worse off now than they were at this time last year, the highest level in at least 12 years."

The findings noted that "individual factors are contributing to these financial challenges" and "half of Canadians say it is a challenge to afford their household grocery bill-a seven-point increase since last October."

"One-in-three say their expenditure on gas has increased over the past month, while nearly half say it has decreased as they use alternative transportation to save," it added.

Regarding homeowners, the study found that at least 22% said their mortgage payments have increased after the Bank of Canada's interest rate surges.

Meanwhile, a similar trend is expected in 2023 as many Canadians, according to the study, await "more pain to come."

"One-in-three (34%) say they will be worse off at this time next year, while one-in-five (22%) expect things to turn around," it added.

The non-profit Angus Reid Institute conducted the online survey June 7 - 13 on "a representative randomized sample of 5,032 Canadian adults who are members of Angus Reid Forum."