46% of Canadians are $200 away from not being able to pay their bills, a survey says, and many fear more economic pain ahead. Read more.
One-third of Canadians said that economic conditions over the past six months were worse than they expected, and the average amount of money households have left over at the end of the month dropped $64 from the previous quarter to $787. Also, 61 per cent are concerned about the impact of rising interest rates and 57 per cent will be in financial trouble if interest rates go up much more.
Canadians with household incomes of less than $40,000 and those aged 18-34 and 35-54 are most likely to fear that rising interest rates are moving them closer towards bankruptcy. A third of Canadians feel we are currently experiencing the worst part of the economic cycle while 15 per cent believe the worst is behind us.
Overall, 83 per cent of Canadians are continuing to be more careful when spending their money. But only 43 per cent are including finances on their spring-cleaning to-do list, according to a separate survey by PC Financial.
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