COVID-19 is causing an economic crisis for many Canadian families, with nearly 30% reporting extreme stress.

In total, 74% reported feeling some degree of stress brought on by the crisis.

Over 40% say their biggest financial worry is how to pay for basic necessities such as food and rent.

These are findings from a large study conducted by Borrowell. Distributed to Borrowell’s more than one million members this past weekend, the survey received over 16,000 responses.

Members were asked questions about their current financial state, with findings highlighting reduced or limited income, fear about job security and the inability to pay for basic living expenses.

Survey Highlights:

  • 74% of respondents report feeling stressed about their personal finances, with 30% of respondents saying they are ‘extremely stressed’ to the point of losing sleep. Only 6% of people are feeling financially secure.
  • Paying for basic necessities (like rent and groceries) tops the list as the biggest worry (41%), followed by fears of increasing personal debt during this period (19%).
  • 29% say COVID-19 has had an ‘extremely negative’ impact on their finances already.
  • 32% of respondents have no plan in place if funds run too low to pay bills, saying ‘I don’t know what I would do.’

Last modified: March 24, 2020

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