Younger Canadians between the ages of 18 and 34 saw the biggest decrease in their average month-end finances, falling $273 to $606 From alicjawithaj
46 per cent of Canadians find themselves closer to insolvency, the MNP survey found.
That's according to MNP's quarterly Consumer Debt Index released on Monday. The survey, which is conducted by Ipsos and tracks Canadians' attitudes towards their debt situation, found that 52 per cent of respondents say it is becoming less affordable to feed themselves and their families, an increase of five percentage points from December 2021.
At the same time, Canadians are finding it more difficult to save. The survey found that 49 per cent say it's becoming less affordable to put money aside for savings, up five percentage points from last year. The MNP Consumer Debt Index also found that 46 per cent of Canadians find themselves closer to insolvency – defined as being $200 or less away from being unable to meet their financial obligations – a six percentage point improvement from the previous quarter. However, with the cost of necessities soaring in recent months, the average Canadian now has less money overall to spend at the end of the month, dropping $37 from the previous quarter to $654.
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