According to an Ipsos survey commissioned by insolvency expert group MNP Ltd. conducted, more than half (52%) of Canadians say they are $200 or less away from not making ends meet at the end of the month.
Data released on Monday shows that this is a six-point increase from the previous quarter.
Of them, just over a third (35%, +5 points) say they don’t earn enough money to pay their bills and repay their debts, which is driving them into bankruptcy. “This is the highest percentage since the Index was created five years ago,” MNP said.
“The rising burden of ongoing bills and food prices has exacerbated financial anxiety among Canadians and is being exacerbated by rising borrowing costs, particularly for those with high levels of debt,” said Grant Bazian, president of MNP.
In addition, almost half of the Canadians surveyed say they are concerned about their debt (48%, +2 points).
Despite efforts by some to spend smarter, Canadians report that their weekly spending on essentials has increased by an average of $230. A majority of Canadians (73%) believe their spending on essential goods has increased by at least $100 year-on-year.
The survey results were collected by Ipsos on behalf of MNP Ltd. compiled between June 1 and June 6, 2023 from a sample of 2,000 adult Canadians.
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