Canadians who were affected by the recent layoffs and mass shutdowns due to the impact of the COVID-19 outbreak on the economy fear that they might be unable to pay their mortgages and rent this month, according to the latest study by Angus Reid Institute (ARI).
The study shows that 34% of Canadian households worry about their rent or mortgage payment this month. Roughly 32% said they might have to start borrowing money to afford their bills.
"Those hardest hit by recent layoffs and mass shutdowns are also those least likely to be able to absorb the financial losses their new circumstances may bring," ARI said.
Around two in five Canadians said they or someone in their households have already lost working hours due to the COVID-19 outbreak. Amongst this group, the majority said their employers are "not covering any of their now disappeared wages."
Furthermore, roughly a third said they have already experienced job loss, rendering them unable to handle even an extra $100 expense in the next 30 days.
Amongst those who are currently working, nearly half say it is just a matter of time before their working hours are reduced as well.
The study also showed that three in five Canadians saw the value of their investments decline. Still, the majority are optimistic about a recovery.