Survey shows those hardest hit by layoffs least able to absorb it

Layoffs hurt most vulnerable

A new survey published by Angus Reid shows the economic impact of the COVID-19 pandemic is hurting those Canadians least able to absorb financial losses and hardships.

Forty-four per cent of Canadians are already saying they, or someone in their household has lost hours as a result of recent mass layoffs and shutdowns.

That number is only expected to increase as new sectors of the economy are ordered to, or forced to shut down.

A majority say their employers are not covering any of their now disappeared wages.

As Canadians look for financial support, one in three say they worry their household may miss a rent or mortgage payment this month, will have to start borrowing money or have already done so.

Nearly 40 per cent who have already experienced job loss in their household say they are not equipped to handle even the slightest extra expense over the next 30 days.

Other key findings from the survey include:

  • Among those who are currently working, almost half say it is just a matter of time before their hours are cut as well
  • Half of those who have applied for employment insurance (51%) say it has been a difficult process and they have yet to be paid
  • Six-in-ten (61%) Canadian households now say the value of their investments have been reduced. But the majority of investors (76%) are so far optimistic about the prospects of this value bouncing back

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