One Pay Away From Homelessness
In late 2019, Ipsos reported that Canadians have, on average, $557 at the end of the month after paying all their bills and debt obligations. That represents a drop of 20 percent from the previous report and the lowest level since 2016. Men and those aged 18-34 have seen the biggest decreases, 25 and 35 percent, respectively. Still, Canadians are “generally positive about their personal financial situations,” the October 28, 2019 report reads.
That was 9 months ago, before novel coronavirus all but shut down the country and the economy. How are Canadians feeling today with an unemployment rate of 12.3 percent (down from a record high of 13.7 percent in May) compared to 5.67 percent in 2019, and 110,000+ cases of COVID-19?
“Nearly half (48 percent) of Canadians are $200 or less away from financial insolvency,” said Ipsos. That was last October, and that figure “includes 29 percent who already cannot meet their debt obligations and are insolvent at month-end.” Looking back, those may have been the good ole days of late.
Only weeks ago, Global News said the coronavirus pandemic could end up “swamping” millions of Canadian households.