Research done by the federal Financial Consumer Agency of Canada is keeping track of how Canadians are doing financially during the COVID\u002D19 pandemic.
show that about 25% of Canadians fall behind on monthly bills, while 22% borrow from friends and family to stay afloat.Sign up to receive daily headline news from the Ottawa SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
More than half surveyed with increased debt attributed that to Covid, a drop from the two previous pandemic years.This advertisement has not loaded yet, but your article continues below.In 2019, 64% of Canadian households had an emergency fund to cover three months of expenses. In 2022, that figured dropped to 43%.
About half of Canadians report an increase in stress over the last year, but that figure had skyrocketed to 76% in 2020 at the height of pandemic worries. It was still at 68% in 2021, so the 2022 figure of 49% is a welcome drop. According to the Federal chart, some 43% of Canadians are worried their money will not last. A third feel they are just getting by, a third are short of money at the end of the month, and 39% believe finances control their life.A separate 2021 study by Statistics Canada found many Canadians used federal relief cheques to pay down their debts during the pandemic.
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