Levels of financial instability are growing ever higher in Canada, according to the results of a new Ipsos survey , with roughly 48 per cent of people across the country now claiming to have less than $200 left over at the end of each month after covering debt payments and basic living expenses.
More worrisome still: Some 47 per cent of survey respondents don’t expect to be able to cover the cost of living next year without taking on even more debt.
Should they be struck by an unexpected setback, such as unemployment, a serious illness, auto repairs or a death in the family, more than 70 per cent do not feel confident that they’d be able to make ends meet.
30% are unable to make minimum debt payments
Furthermore, nearly 30 per cent of the 2,002 Canadians surveyed by Ipsos for MNP LTD. in September are already unable to make their minimum debt payments, rendering them financially insolvent.
These figures are concerning, according to experts, and telling of where citizens stand ahead of a major policy announcement from the Bank of Canada on Wednesday.
“Although the Bank of Canada has stated that it will keep interest rates stable until next year, this may come as cold comfort to those in precarious financial situations who are already having a difficult time making their debt payments at the current interest rate,” reads a release accompanying the Ipsos report.
“It is understandable that many remain worried, even considering the central bank’s announcement…. these concerns have a real impact on everyday Canadians’ lives.”