HERE’S SOME SOBERING NEWS from a recent article inThe 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 Canadarevealed 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.
According to the survey, women and millennials are most impacted. Half of the surveyed millennials feel they do not know enough about buying a home, dealing with unexpected costs and ultimately living a financially savvy life.