Here’s some sobering news from a recent article in The Globe and Mail: 46 percent of Canadians are within $200 from financial insolvency at each month-end. Blame it on higher interest rates, but also on less than desirable financial literacy.
In October of last year, a survey by debt consolidation firm BDO Canada revealed that approximately 3 in 10 Canadians do not have enough money to buy the things they need. They still buy them in the end but getting deeper into debt. Among those who carry debt, the average non-mortgage debt hovers around $20,000.