Over half of Canadians are $200 or less away from not being able to pay bills
by Erica Alini
More than half of Canadians are living within $200 per month of not being able to pay all their bills or meet their debt obligations, according to a recent Ipsos survey conducted on behalf of accounting firm MNP.
“With such a small amount of wiggle room, any kind of unanticipated hardship, such as a job loss or even a car repair, could send an already struggling family into financial despair,” said Grant Bazian, president of MNP’s personal insolvency practice, which is one of the largest in Canada.
For 10 per cent of Canadians, the margin of error when it comes to household finances is even thinner, at $100 or less.
But those with anything at all left at the end of the month were in better shape than many: A whopping 31 per cent of respondents said they already don’t make enough to meet all their financial obligations.
Debt is causing Canadians a fair bit of stress, the polling suggests, but few appear to be on track to buff up their monthly financial cushion.
Two-thirds of survey takers said they are “less than very confident” about their ability to create an emergency fund…
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