Canadians fear their standard of living is worse than their parents'

According to in-house Privy Council research, one-third of Canadians express concern about never attaining the same standard of living as their parents. This worrisome discovery comes after 2023 Statistics Canada data revealed that inflation was significantly impacting the financial stability of young families.

The study, Pandemic Outlook And Recovery, said that the cost of living was identified as the primary concern among Canadians, with 69% of respondents citing it, compared to 63% for climate change and 47% for the possibility of a recession.

Out of the 2,000 respondents surveyed, 36% expressed concern about the possibility of not being financially better off than their parents.

DOCUMENTS: In-house gov't survey finds 36% of Canadians say best days are behind us and they'll never enjoy the standard of living achieved by their parents. https://t.co/KuswEbywBH #cdnpoli pic.twitter.com/tSeXsBBzvN

— Blacklock's Reporter (@mindingottawa) March 4, 2024

These findings confirmed that inflation has indeed diminished the standard of living for young families. The report, titled Research To Insights: Consumer Price Inflation, Recent Trends And Analysis, highlighted that wage increases have failed to keep pace with rising prices, particularly in essential areas such as food and housing, according to Blacklock's Reporter.

Analysts from the Research To Insights report emphasized the negative impact of increasing living costs on net saving and wealth, particularly for vulnerable households. They noted significant reductions in net savings among low and middle-income households, while younger households have become more financially burdened.

"The latest confidential Privy Council polling confirmed 2021 research by the Department of Finance that found Canadians were sharply divided on whether the nation’s best years were behind it," stated Blacklock's. "Those more likely to say the best years of our lives are behind us include those aged over 55, those living in Alberta and Québec, those with household incomes of less than $60,000 and Indigenous people," said the finance department study Qualitative And Quantitative Research On National Quality Of Life Framework.

Additionally, respondents are equally divided on their financial outlook, with 32% anticipating improvement in three to five years and 29% fearing a decline.

When directly asked about Canada's future, 37% indicated it was "behind us," 32% said "ahead of us," and 31% refrained from providing a comment.