Pandemic has set back Canada’s socioeconomic progress: Survey

  De-stigmatizing debt

_{Jasmine Marra, Vice-President at Bromwich+Smith, is passionate about de-stigmatizing debt and helping clients rebuild their worth and thrive. The company just released the Covid Economy Poll which probes Canadians on bankruptcy, debt, stigma and whether the pandemic has set back socioeconomic progress. Photo Credit: ANCHOR}

TORONTO, October 21, 2020 – As frustration, lockdowns and letdowns continue to engulf the country, a new poll finds that Canadians fear the Covid-19 pandemic has set back socioeconomic progress for a number of groups, including women, seniors, people on disability, low income earners and new Canadians.

The Covid Economy Poll by Licenced Insolvency Trustees, Bromwich+Smith, puts a pandemic lens on the public’s perceptions of debt, stigma and insolvency. It is the second poll in two-part fall survey series, designed to create a benchmark of public attitudes and force a discussion around the de-stigmatization of debt.

After decades of painful progress, Canadians feel the pandemic has affected previous gains for many categories/groups of Canadians. When asked which groups have lost the most ground in the past six months, low income earners topped the list (73%). This was followed by seniors (57%), people on disability support (47%) and women (46%). Rounding out the list were new Canadians (42%), visible minorities (40%) and people on welfare (37%). Overall, nine-in-10 respondents felt the pandemic had set back socio-economic progress in general.

Of note, while seemingly in the middle of the pack, the category of women reveals a tale of two perceptions as it pertains to how much progress has been lost. Specifically, while 54 per cent of women polled feel their gender has lost ground in 2020,, only 36 per cent of men feel the same way about their better half’s fortunes.

“The results of the Covid Economy Poll are staggering, especially when viewed through the prism of what’s happened to women’s fortunes in 2020,” said Jasmine Marra, Vice President, Marketing at Bromwich+Smith. “Throughout the pandemic, women's participation in the Canadian labour force fell from an all-time high to its lowest level in over three decades. Additionally, women are much more likely to fear the unknown going into the second wave of Covid as evidenced by last month’s Money, Fear and Stigma poll.”

Overall, the pandemic has had enormous financial implications across the country. To that end, one - in-five Canadians (19%) are likely to explore insolvency in the near future, with 14 per cent of Canadian adults likely to seek advice about bankruptcy or a consumer proposal in the next month.