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Consumer Debt and Financial Literacy Statistics for Canadian Households
Canadians now owe $1.79 for every $1 they have to spend in disposable income.
The average Canadian consumer now owes about $21,000 in non-mortgage debt. Non-mortgage debt has decreased during the pandemic; however, towards the end of 2021 it began increasing again.
By the end of 2021, the price of consumer goods and services rose by 4.7% year-over-year while worker wages only rose by 2.8%. This means the money in Canadian pockets lost some purchasing power.
45% of Canadians homeowners believe they will need to use credit in order to afford their living expenses in the next year.
Half of Canadian households experienced a negative financial impact because of the COVID-19 pandemic.
60% of Canadian households who reported an increase in their debt said it was because of COVID-19.
Nearly half of Canadians are only $200 or less away from not being able to meet their monthly financial obligations.
62% of Canadians said their stress increased over the past 12 months because of the COVID-19 pandemic.
Less than half of Canadians describe themselves as financially knowledgeable.
84% of employees are interested in their workplace offering financial education programs.
A record high, 23.5% of Canadians were working most of their hours from home in 2021 compared to just 7.5% in 2016. 80% of these workers would like to continue working at least half their hours remotely.
Study shows that nearly half of all financially stressed employees admit to spending at least 3 hours per week on their financial issues at work.
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