Higher energy prices and rising food costs have been driving forces in increasing inflation so far this year, but a new survey shows the higher prices of goods is impacting young Canadians more than other age groups in the country.
In a Nanos survey of 1,003 Canadians who are 17 years or older between May 2 and 6, three in four Canadians between the ages of 18 to 34 years admit inflation has been a major problem for them.
More than a quarter of that age bracket (26 per cent) polled say they’ve had to cancel a major purchase because of increasing prices, and that it’s also become difficult to afford basic necessities.
Comparatively, a much lower percentage of those who are 55 or older feel the same. Roughly 51 per cent of the eldest age backet say inflation has impacted their daily purchasing decision or were unsure if it did -- and about 20 per cent of that demographic said they have trouble affording basic goods and have had to cancel a big purchase due to rising prices.
Brendon Bernard, a senior economist at Indeed, says youth unemployment continues to rise, causing economic uncertainty for young Canadians
“Canada is really on this two-track labour market,” said Bernard on CTV News Channel Friday. “Folks who are in stable career jobs, who aren’t looking for work, they’re faring pretty well. The people who are struggling are job seekers, and in particular youth, who are finding it tougher to break into the labour market or land new roles.”
Across Canada and among all age groups, roughly 56 per cent say inflation has affected their day-to-day decisions on what to purchase. According to the survey, the province hit hardest is British Columbia, with roughly 68 per cent of those surveyed saying inflation has been a major problem for them. Quebec had the smallest number of people impacted by inflation at 51 per cent.
Nanos Research conducted the survey of 1,003 Canadians ages 18 years of age or older between May 3, to May 6. The margin of error is ±3.1 percentage points, 19 times out of 20.
