Minority households twice as likely to face financial hardship: StatsCan – Advisor’s Edge

Minority households twice as likely to face financial hardship: StatsCan – Advisor’s Edge

by ahnationtalk on September 10, 202171 Views

Overall share of households in Canada reporting financial difficulty has declined during the pandemic

Racial minorities are approximately twice as likely to suffer from financial hardship compared with non-minorities, according to new research from Statistics Canada and Seymour Management Consulting Inc.

The study found that, in June, 29.3% of visible minority households reported facing financial difficulties, compared with 15.6% of non-minority households.

Overall, the proportion of households in difficulty was 19.3% in June, down from a high (since the pandemic emerged) of 22.2% in May last year, the national statistical agency reported.

Among the three largest minority groups, the study found that 31.4% of South Asian households reported difficulty in meeting their basic financial needs. That compared with 22.6% of Chinese families and 35.8% of Black Canadian households.

Read More: https://www.advisor.ca/news/economic/minority-households-twice-as-likely-to-face-financial-hardship-statscan/

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