Purchasing power: 85% of Quebecers say they experience financial anxiety

Few Quebecers are free of financial worries. Financial anxiety is a widespread problem, and Claude Pinard, President and Executive Director of Centraide of Greater Montreal, points to the difficulty of finding affordable housing. 

Financial anxiety is felt by 85 per cent of Quebecers to varying degrees, according to an online survey conducted from Feb. 20 to March 7 by Léger on behalf of Centraide of Greater Montreal. 

“We’re in a situation right now where this is putting a lot of pressure on people with lower income,” said Pinard. “Imagine how hard it is to make the first step into a food bank. You’re working, your spouse is working, you have a five-year-old kid and you know you work in dignity, you get up in the morning, but you have to make that first step, do make that first step.”

Of these, 46 per cent of respondents said this stress was “moderate to extreme.” “When we get to that point, it affects our physical and mental health,” Pinard emphasized in an interview. “It can even create tension in the relationship or hinder the educational success of children.”

After the surge in food inflation, it is now the threats from the Trump administration that are darkening the economic horizon. 

“It’s worrying in a sense that people used to be a tactic to feed your family at the end of the month,” said Pinard. “You know like 25, 26, you were going there just to make sure you were going through the month, now it’s become a strategy.”

Financial anxiety figures remained relatively stable compared to last year, but more Quebecers anticipate a deterioration in the economy in the next six months. 55 per cent of them believe this, compared to 41 per cent at the same time last year. 

“We’re just about everyone waiting to see what happens with tariffs,” Pinard said. “We’re bombarded with news that isn’t necessarily inspiring .”

Families at each other’s throats

Pinard said he was “stunned” by the level of financial anxiety parents are experiencing. 63 per cent report “moderate to extreme” stress, compared to 46 per cent of the general population.

“The 63 per cent of parents being worried about their financial anxiety, the pressure it puts on the family can have physical or mental impact and then create tension and create tension for the kids,” explained Pinard. “So the impacts might affect also the studies, so that 63 per cent really hit me.”

This proportion is similar to last year, but it has increased since the first survey in October 2022, when 50 per cent of parents considered themselves to be in this situation. 

Pinard believes that the lack of housing affordability is responsible for the greatest financial distress families are experiencing. “Finding a two-bedroom apartment at reasonable prices with a $50,000 salary and two children in school—you know there aren’t many left,” he gave as an example. 

“We are really saying that we are in a situation that will be difficult for a few more years because of the unavailability of social and affordable housing,” said Pinard. 

According to him, an acceleration in construction starts will be necessary to correct the situation. The leader called for faster issuance of building permits for social housing. 

He gave the example of a student housing project the organization is collaborating on. In 2023, Centraide announced the sale of an underutilized parking lot in downtown Montreal to build this building. “We still haven’t seen the paperwork (the permit),” Pinard lamented. 

The philanthropic sector has a role to play in the construction of social housing. In addition to providing funding, the sector can help community organizations considering such projects acquire skills, the leader gave as an example. 

The survey, which aims to better understand the needs of the community, also shows that the most vulnerable do not always use the available assistance. 

Approximately 22 per cent of Quebecers live in a situation of food insecurity. However, “the use of emergency programs remains relatively limited,” even though they are deemed useful by the vast majority of people who received assistance, the report states. 

“There’s no one walking around with a sign that says, ‘I need food assistance,'” Pinard explained. “So, there’s a gesture that has to be made by the person, and imagine the courage it takes when you have a job, your spouse is working, and you’re coming home with your 5-year-old child for the first time .”

When CityNews asked about the study – Montrealers didn’t bat an eye at these alarming figures.

“My friends, many of my friends think about quitting, they want to leave Canada right now because they can’t afford it anymore,” said one Montrealer.

“Even if you are middle class, if you have a middle income in this country, you can’t afford it anymore, it’s hard,” said another.

“I don’t know how you could have a family these days, like take your kids to soccer or hockey or skiing or anything like that,” said one local. “The American dream is kind of like out of reach of most people and that’s not right.”

Pinard says a greater conversation to help those is needed – suggesting a program is warranted to correct the situation – calling for more social housing. Those who need help can contact 2 1 1 –  a free helpline and web service, that connects people to community and social services of Greater Montreal.

“Canada as a nation is resilient and I’m absolutely confident that we will lock arms and fight that fight together in order to make sure that the most vulnerable have an equal opportunity,” said Pinard.

–This report by La Presse Canadienne was translated by CityNews