In a recent study conducted by the University of Dalhousie Economics found that on average nearly 20% of Canadians were either using their savings or borrowing money just to afford food.
They have also noted that Canadians reported a nearly 76% increase in food costs over the past year. Many Canadians now have to focus on the affordability of the foods rather than the quality and quantity of them.
This is also putting a large strain on the local food banks “it has in London, We have seen a 30 percent increase in individuals accessing our food” said Stacey Martin, a worker at the London food bank.
This trend could spell danger for the Canadian economy as business and economics teacher at Fanshawe College Mike Tucker points out “Our population growth has slowed which also slows the economy down…when you dwindle down your savings it leaves little room for unexpected circumstances”
Although the main concern is the increase in food costs and ability to afford them, many Canadians are also facing similar issues in areas such as transportation, with ever rising gas prices.
But Canadians can work towards keeping their savings through good budgeting as Mike discusses “many people don’t budget, it is amazing the amount of money you can find if you look at what’s coming in and what you’re spending your money on”.
