Release date: August 25, 2025
A Look at What Black Canadians Told the Federation of Black Canadians About the Economy
Key Terms to Know
Cost of Living: The average amount of money it takes to cover basic needs like food, housing, transportation, and healthcare.
Debt Repayment: Money paid back over time to cover loans or credit card balances.
Credit Card Debt: Money borrowed using a credit card that hasn’t yet been paid off, often with high interest rates.
Retirement Savings: Money set aside to support yourself financially after you stop working full time.
Small Business Support: Programs or policies that help entrepreneurs grow, such as access to loans, grants, and training.
Job Retraining: Learning new skills in order to switch careers or adapt to changes in the job market.
Affordable Housing: Housing that costs less than 30% of your income,ideally safe, stable, and secure.
What’s the Story Behind the Stats?
Last year, the Federation of Black Canadians (FBC) launched a nationwide community survey to find out how Black Canadians are navigating the current economy.
Black Canadians shared their experiences, their priorities, and their ideas for what would make things better. The results were powerful and telling, and they’re helping shape our path forward.
- Everyday Costs Are Crushing Us
Top financial concerns among Black Canadians include:
- Grocery bills – 80.4% of respondents named food costs as their biggest monthly stress
- Housing costs – 70.6% struggle with rent or mortgage payments
- Debt repayment – 56.9% are burdened by loan and credit card payments
Did You Know?
Food prices in Canada rose by over 10% in some categories last year alone while wages remained mostly flat. For many, a trip to the grocery store means making hard choices about what not to buy.
- Financial Goals Reflect Our Hustle and Hope
Despite economic pressure, our community is actively planning and working toward financial goals:
- 44% are trying to pay off credit card debt
- 44% are saving for retirement
- 38% want to eliminate debt sooner
- 38% are consistently saving for retirement
Did You Know?
Paying only the minimum balance on a credit card can take decades to clear the debt. That’s why so many community members are prioritizing fast repayment, it’s a strategy to gain back financial control.
- We Know What Real Economic Support Looks Like
Here’s what you said would best support economic growth and job creation:
- Job training & retraining – 54.9%
- Youth job opportunities (co-ops, internships, apprenticeships) – 54.9%
- Affordable housing – 51%
- Support for small businesses – 41.2%
Did You Know?
Black-owned businesses in Canada are more likely to be underfunded and face higher barriers to accessing bank loans. Community-led policy changes can help close this gap—and build generational wealth.
So What’s Next?
This isn’t just a data summary, it’s your collective voice.
At the Federation of Black Canadians, we’re committed to turning these insights into impact. That means:
- Pushing for policies that reflect your lived realities
- Supporting financial literacy and planning initiatives
- Advocating for equity in employment and housing
- Uplifting Black entrepreneurship and leadership
We believe that when data meets action, change is possible. And that change starts with listening.
Follow us on all our social media platforms using the handle FBCFCN to learn more information like this and finally become a member to learn more about our organization, its initiatives and how they can benefit you!
References
Federation of Black Canadians. (2023). Community Economic Participation Survey: National Results Summary. Internal report.
Statistics Canada. (2023, March). Food prices increase at fastest pace in 40 years. https://www150.statcan.gc.ca
Government of Canada. (2024). Understanding credit card interest rates. Financial Consumer Agency of Canada. https://www.canada.ca/en/financial-consumer-agency/services/credit-cards/interest-rates.html
Canadian Black Chamber of Commerce. (2022). State of Black Entrepreneurship in Canada. https://www.blackchamber.ca/resources
Ontario Human Rights Commission. (2020). Disaggregated demographic data collection. https://www.ohrc.on.ca
Youth Employment Services (YES). (2023). Youth unemployment in marginalized communities. https://www.yes.on.ca
