Struggling Canadians share what it's like to be unable to afford a sudden $500 expense
Rising costs have many people trying to make ends meet, and according to a recent Statistics Canada survey, one in four Canadians can’t afford an unexpected expense of $500.
When asked whether their household had the resources to cover a sudden expense of $500, 26% said they would be unable to do so. And according to the survey, young adults are disproportionately affected. In all, 46% of people aged 35 to 44 struggled to meet their financial needs in the past 12 months — the highest number of any age group. That’s followed closely by those aged 45 to 54 (41%) and those aged 65 and older (25%).
In a recent Reddit thread, people have been sharing stories of their own financial struggles, and it’s heartbreaking.
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“I am that one in four… times hundred,” wrote Bapuji.
“I sure can’t and it scares the f*ck out of me,” stated user _Im_Mike_fromCanmore. “I went from being able to take a modest vacation (ex tenting, concerts, road trip) most times with little to no financial concerns to figuring out which utility bill needs to be paid first so things don’t get disconnected.”
People in their thirties weighed in, adding that this was not the life they had envisioned for themselves.
“If I weren’t living with my folks at age 30 all three of us would be in that category,” said user Falconflyer75.
They added, “Used to think only lazy people who refused to get a job lived like this. I didn’t do everything perfect but I have an honest desk job at an office, and I do good work there, I shouldn’t be in this category.”
“Same man,” replied Tonythattiger. “Never thought this is how I was going to live in my 30s.”
User Someguyfromsk pointed out that it’s been a common living situation for many Canadians.
“We are actually #3 of four houses in a row of single parent and adult kid living together,” they stated.
Another user said it would take them two to three months to save $500 after rent, utilities, and groceries.
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“I’ve got a root canal coming up later this month, the procedure + the crown is going to set me back $2,500,” said Redditor ForgotMyPassword_3x. “If I hadn’t been dumping every penny into an emergency fund for the past [few] years I would be f*cked.”
Another person said they’ve also been hit with a sudden expense.
“I can vouch for this,” said Bricorianlive. “Unexpected car repair just put me 200 dollars in overdraft and I’m maxed out on working hours.”
For others, having a bigger paycheque doesn’t necessarily translate to a more comfortable financial situation.
“I make a pretty good salary and this was me last year,” said Slick131. “I live in a small condo with a wife and son and I was pay check to pay check and that is with a six figure salary.”
What are your thoughts on the recent Statistics Canada study?
With files from Laine Mitchell
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