More Than Half of Canadians Struggling to Meet Financial Commitments: Federal Memo
More Canadians owe more money than ever before and use debt to survive, with millions of people having “no margin for error” if a financial crisis strikes, a new document suggests. “Many Canadians are under financial strain … over half of Canadians (53%) report that they struggle to keep up with financial commitments,” the Financial […]
TL;DR
- Over half of Canadians (53%) report struggling to keep up with financial commitments.
- Millions of Canadians have "no margin for error" in case of a financial crisis.
- Household debt trends have worsened since the pandemic.
- One-quarter of Canadians spend more than they earn.
- 50 percent of Canadians used savings over the past year to cope with expenses.
- 33 percent of Canadians borrowed money to cover regular expenses.