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Canadians feeling squeezed with nearly half claiming to be $200 away from insolvency: Survey

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Canadians are not feeling prosperous these days and believe their consumer debt and personal finances have deteriorated over the past few months, according to a new survey.

More Canadians are hovering close to financial insolvency at the end of the month; nearly half (48 per cent) of Canadians say they are $200 or less each month away from financial insolvency, according to a quarterly survey, conducted by Ipsos on behalf of MNP Ltd.

This includes one in four (26 per cent) who say they have no wiggle room at month-end, as they already don’t make enough to cover their bills and debt payments.

“When there is this little room in the household budget, people can easily get trapped in an endless cycle of debt,” says Grant Bazian, president of MNP Ltd, the  insolvency firm. “This isn’t simply a matter of people living beyond their means. The reality is that too many households simply cannot make ends meet, however hard they try.”

More to come…

Copyright Postmedia Network Inc., 2019

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