The Differential Impact of the Pandemic and Recession on Family Finances: Report on COVID-19 Follow Survey with Canadian Financial Diaries Phase One Participants.
The diaries team completed a report examining how phase 1 participants are faring through the early stages of the pandemic and economic recession. Watch this video interview of the author, Dr. Jodi Dueck-Read.
This report demonstrates that low- and moderate-income earners are feeling stressed with increased expenses and uncertainty about future economic stability. The results note the resilience of participants coming from a variety of financial backgrounds. Some participants in this study have been able to access government programs to support some of their immediate financial needs. But other participants, those who were unemployed and ineligible for Canada Emergency Response Benefit, were faring less well. Social assistance rates did not change to reflect participants higher expenses. For instance, groceries became more expensive as did the cost to travel via taxi –instead of bus– to get them.