More than half (53%) of those polled in early March said they are $200 or less away from not being to meet their bills and debt payments each month, a jump from what was reported in December.

More than half (53%) of those polled in early March said they are $200 or less away from not being to meet their bills and debt payments each month, a jump from what was reported in December.

53% of Canadians teetering the brink of insolvency: survey

A majority of Canadians admit they’re just $200 away from not being able to pay their monthly bills

A majority of Canadians admit they’re just $200 away from not being able to pay their monthly bills.

That’s according to MNP Ltd. latest quarterly report survey Thursday (April 8) that accounted for 2,001 adult Canadians between March 4 and 9.

It found 53 per cent of households are teetering the brink of insolvency with one in three saying they have no money left over at month’s end.

Canadians, on average, are left with $625 after making monthly bill and debt payments – down 15 per cent from the $733 reported in December.

READ MORE: Canadians debt levels hit record highs at end of last year, says CMHC

“The number of Canadians with virtually no wiggle room in their household budgets has reached a five-year high,” said Grant Bazian, president of the national accounting firm.

A quarter of Canadians took on more debt amid the COVID-19 pandemic.

Approximately 14 per cent used credit cards and seven per cent said they used a new line of credit to make monthly payments.

Data indicates a looming “avalanche of households falling behind on payments or defaulting on loans, mortgages, car payments or credit cards,” Bazian said.

READ MORE: Canadian households added record mortgage debt in late 2020: StatsCan

Respectively, 20 per cent of households dipped into savings to pay their bills and three per cent took out a bank loan or deferred their mortgage payments in order to stay afloat.

“Those taking on more debt are becoming increasingly vulnerable to interest rate increases. They might find that their debt becomes unaffordable when that happens,” Bazian said.

A portion of Canadians, 35 per cent, are concerned those rising interest rates could push them towards bankruptcy.



sarah.grochowski@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

DebtFinances

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Photo screen-shot from School District 51’s website
COVID-19 infection confirmed in Boundary School District

Those potentially exposed to the virus have been told to self-isolate, says acting Superintendent

Stock image.
Judge tells Grand Forks man accused of theft to guard his personal property

Edward ‘Joe’ Wright is accused of a break and entering at a flood-damaged property in North Ruckle

Photo: Laurie Tritschler
Greenwood man to stand trial for alleged stabbing

Grand Forks provincial court will set a trial date next month

Grand Forks Mounties look on as a tow truck prepares to haul an SUV involved in a Highway 3 crash near the intersection of Spraggett Road Friday, April 9. Photo: Laurie Tritschler
First responders attend Highway 3 crash in Grand Forks

No one appears to be hurt in the two-vehicle crash which highway stopped traffic in both directions

Restaurant patrons enjoy the weather on a patio in Vancouver, B.C., Monday, April 5, 2021. The province has suspended indoor dining at restaurants and pubs until at least April 19 in B.C. due to a spike in COVID-19 numbers. THE CANADIAN PRESS/Jonathan Hayward
B.C. sets new COVID-19 daily record with 1,293 cases Thursday

New order allows workplace closures when infections found

Thursday, Feb. 4: RDKB Chief Engineer Darryl Funk hoists a banner commemorating last year’s championship season by the Bantam House Bruins. Photo: Laurie Tritschler
Bantam Bruins honoured at hair-raising banner ceremony at Grand Forks’ Jack Goddard Arena

Asst. coach Mike Tollis said he reluctantly gave in to the team’s victory wish that he cut his pony tale

People walk past the Olympic rings in Whistler, B.C., Friday, May 15, 2020. Whistler which is a travel destination for tourists around the world is seeing the effects of travel bans due to COVID-19. THE CANADIAN PRESS/Jonathan Hayward
Adults living, working in Whistler, B.C., eligible for COVID-19 vaccine on Monday

The move comes as the province deals with a rush of COVID-19 and variant cases in the community

RCMP crest. (Black Press Media files)
UPDATE: RCMP investigating after child, 6, dies at motel in Duncan, B.C.

The BC Coroners Service is conducting its own investigation into the circumstances around the child’s death

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

RCMP display some of the fish seized from three suspects who pleaded guilty to violating the Fisheries Act in 2019, in this undated handout photo. THE CANADIAN PRESS/HO - RCMP
3 banned from fishing, holding licences after overfishing violations near Vancouver Island

Mounties seized the group’s 30-foot fishing vessel and all equipment on board at the time

B.C. Premier John Horgan responds to questions during a postelection news conference in Vancouver, on Sunday, October 25, 2020. British Columbia’s opposition Liberals and Greens acknowledge the COVID-19 pandemic has presented huge challenges for Horgan’s government, but they say Monday’s throne speech must outline a coherent plan for the province’s economic, health, social and environmental future. THE CANADIAN PRESS/Darryl Dyck
Horgan’s NDP to bring in throne speech in B.C., Opposition wants coherent plan

Farnworth said the budget will include details of government investment in communities and infrastructure

FILE - An arena worker removes the net from the ice after the Vancouver Canucks and Calgary Flames NHL hockey game was postponed due to a positive COVID-19 test result, in Vancouver, British Columbia, in this Wednesday, March 31, 2021, file photo. As vaccinations ramp up past a pace of 3 million a day in the U.S, the NHL is in a tougher spot than the other three major North American professional sports leagues because seven of 31 teams are based on Canada. (Darryl Dyck/The Canadian Press via AP, File)
Vancouver Canucks scheduled to practice Sunday, resume games April 16 after COVID outbreak

Canucks outbreak delayed the team’s season by eight games

Most Read