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 COVID-19 pandemic, according to a new survey commissioned by TD.

The survey reveals 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,” says TD.

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. The survey found that 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. This compares to only 53 per cent of the general population surveyed.

Twenty-seven per cent of People with Disabilities surveyed said they expect to be late paying their rent or mortgage as a result of COVID-19. This compares to 20 per cent of the general population surveyed.

The survey also found that 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.