As inflationary pressures mount, Canadians of all ages are grappling with the increasing cost of living, according to a survey conducted for Financial Literacy Month in November.
A survey from industry group Advocis shed light on the financial difficulties Canadians are facing due to rising interest rates and economic uncertainty.
The survey, which included input from more than 150 Advocis members, revealed that 40% of respondents observed their clients have been late to make their monthly credit card or mortgage payments.
Further, 47% indicated clients are resorting to extreme measures, such as taking out loans or selling personal items, to support their monthly bills.
Julie Martini, Advocis’s chief operating officer, said more households are struggling with debt as incomes have not risen fast enough to match everyday living costs.
“Saying it’s a tough climate would be putting it gently,” Martini said in a written statement.
The Advocis survey also revealed that 56% of respondents had clients reaching out to adjust their financial plans due to the increasing stress brought on by higher bills and food prices.
On the upside, the report found that two-thirds (66%) of respondents indicated that clients are now showing a greater interest in improving their overall financial literacy and resilience, recognizing the importance of having a financial safety net in place.