Alberta and Saskatchewan report the highest percentage of household incomes negatively impacted by the COVID-19 (coronavirus), according to a survey released Wednesday by TransUnion.
The survey found that 63 per cent in Alberta and 67 per cent in Saskatchewan have felt the economic shock.
Nationally, 57 per cent of Canadians said their household income has gone down and an additional 10 per cent said they expect their household income will suffer in the future.
Alberta (63%) and Saskatchewan (67%) were the provinces which reported the highest percentage of household incomes negatively impacted – with both already dealing with economic shocks before COVID-19 as a result of oil price declines.
“Whether it’s their health, financial well-being or changes in day-to-day living, the lives of millions of people in Canada and abroad have been dramatically changed. The situation is evolving at an incredibly fast pace and we need to come together as a nation to solve the unique problems and situations that arise,” said Todd Skinner, TransUnion Regional President for Canada, Latin America and Caribbean, in a news release.
“The aim of our weekly consumer research is to better understand the financial impact of the COVID-19 pandemic and better inform consumers, businesses and government decisions during these unprecedented times. It is important that businesses and consumers are able to continue to transact with confidence and we will do everything in our power to help facilitate the provision of lending and commerce during these uncertain times.”
TransUnion said its research found that the youngest generations, particularly Millennials (those born 1980 to 1994) and Gen Z (born from 1995 onwards), felt most impacted financially by the COVID-19 pandemic. While 70 per cent of consumers who have had their household income impacted by COVID-19 are concerned about paying their bills, this increased to 78 per cent for Millennials and 74 per cent for Gen Z. On average, Canadian respondents said they will be short about $935 in the near future, it said.
“Our focus is on supporting Canadian consumers, businesses and the wider economy as a whole. We know this is an extremely difficult time, and we’re committed to helping people navigate any financial hardship caused by the COVID-19 pandemic. Consumers are facing many unexpected challenges and it’s natural that people are concerned about their finances. It’s really important that there is a dialogue between businesses and their customers at this time of uncertainty,” said Skinner.
