A recent survey conducted by the National Payroll Institute reveals that financial stress is increasingly affecting Canadian workers, with 41% reporting feeling financially stressed, a rise from 37% last year. Only 28% of respondents described themselves as financially comfortable, down from 32% [d77473a4]. The survey, which included 1,500 employed Canadians and was conducted online from July 2 to July 16, 2024, highlights that 77% of those experiencing financial stress feel overwhelmed by debt, while 89% express concern over rising housing costs [d77473a4].
The financial strain is particularly acute among those in the stressed group, with nearly 60% spending over 40% of their income on housing [d77473a4]. This situation reflects a broader trend seen in the U.S., where recent polling indicates that nearly 60% of Mainers are struggling to afford basic necessities, with 58% reporting financial difficulties over the past year [55f5e018].
In Maine, the economic outlook appears grim, with 55% of residents believing a recession is likely within the next year. This sentiment is echoed by 69% of households earning less than $75,000, who report significant financial struggles [55f5e018]. Inflation remains a key concern, cited by 22% of respondents as a primary reason for their negative outlook on the economy [55f5e018].
The financial challenges faced by Canadians and Americans alike underscore the urgent need for policymakers to address the rising costs of living, particularly housing and debt management. As inflation continues to impact household budgets, the findings from both surveys highlight the necessity for effective measures to support those struggling financially [d77473a4][55f5e018].