Money problems are affecting nearly one third of all Canadians. An online survey conducted by the Angus Reid Institute (ARI), revealed that approximately a quarter of Canadians struggle to make ends meet.
The survey was conducted from May 28 to June 13, 2018, among a randomized sample of 2,542 adult Canadians. The population sample is divided into four groups: “Struggling” (16%), “On Edge” (11%), “Recently Comfortable” (36%), and “Always Comfortable” (37%).
What Money Problems Do Canadians Experience?
The survey respondents were asked questions related to 12 specific money scenarios. These scenarios include:
11% of the respondents use a high interest “pay day” loan to access cash.
18% of the respondents are unable to pay their rent or make a mortgage payment on time.
24% of the respondents experience not being able to pay a utility bill on time.
25% of the respondents borrow money to cover day-to-day expenses, like groceries and transportation.
27% of the respondents are not able to afford a living space that accommodates their basic needs.
31% of parent respondents are unable to afford after school programs for their children.
39% of the respondent admit to not being able to purchase clothes when necessary. to this.
40% of the respondents can not afford dental care.
41% of parent respondents are unable to save money for their children’s post secondary education.
43% of the respondents are unable to afford quality groceries that provide the essential nutrients.
44% of the respondents can not afford to go to the movies or participate in a similar activity.
46% of the respondents can not afford to go out for dinner to celebrate a special occasion
The Truth Behind The Results.
Out of the four groups experiencing money problems, those that are “Struggling” or “On Edge” are noted to be suffering financial hardships. Those that are considered to be “Struggling” experience at least 4 of the 12 money scenarios mentioned above. In addition, those that are “On Edge” experience at least 3 of the 12 money scenarios.
With the Bank of Canada increasing its base line interest rate another .25 percent to 1.5 percent, it is important to manage your finances. If you find that you fall under the “Struggling” or “On Edge” category, you might benefit from seeking professional advice.
We are Licensed Insolvency Trustees with the knowledge and experience in addressing the financial issues mentioned above. Our expertise can address any financial challenges you may face, including managing credit and most importantly finding a way to reduce or eliminate overwhelming debt.
If you need help, contact us by emailing email@example.com or call us at 416 736 4357 (HELP). You can also book a free consultation with no obligations by filling out the contact form on our home page.
Make an appointment today for a custom-tailored solution specific to your situation. We look forward to assisting you.