A new COVID-19 Impact Poll commissioned by TD reveals that adults under the age of 34 and those from certain communities including Black, Indigenous and People of Colour (BIPOC) are among the most likely to experience financial insecurity, job losses and reduced income as a result of the pandemic.

The TD survey shows that 66 per cent of Canadian respondents aged 18-34, compared to 38 per cent of Canadian respondents aged 55+, have experienced or anticipate experiencing unemployment or reduced hours as a result of COVID-19. As a result, younger Canadians may be more likely to struggle to meet basic financial obligations like buying groceries or paying their rent or mortgage.

The research also examines the impact of COVID-19 on communities – many of whom were already more financially vulnerable before the start of the pandemic. According to survey respondents:

• 69 per cent of Filipino, 65 per cent of South Asian, and 64 per cent of Black Canadians have experienced or anticipate experiencing unemployment or a reduction of income within the next three months due to COVID-19, compared to only 53 per cent of the general population surveyed.
• 27 per cent of People with Disabilities expect to be late paying their rent or mortgage as a result of COVID-19, compared to 20 per cent of the general population surveyed.
• 28 per cent of Indigenous Peoples expect to borrow money for essentials due to COVID-19, compared to 19 per cent of the general population surveyed.
• Only 27 per cent of South Asian, 30 per cent of Indigenous Peoples and 31 per cent of Chinese Canadians feel they know who to turn to for financial advice as compared to 40 per cent of the general population surveyed.