Many Canadians are treading water financially after more than two years of pandemic and economic turmoil, found a new survey by the Chartered Professional Accountants of Canada (CPA Canada).
The Thriving or Surviving study looks at issues that confront Canadians daily, such as debt, savings, emergency funds and financial literacy.
The study revealed that 27 per cent of Canadians feel worse off financially than they did a year ago. Meanwhile, 34 per cent are optimistic that they'll be better off financially a year from now.
CPA Canada’s survey found money-related stress remains high, with 65 per cent of Canadians agreeing that they worry about money.
The study showed that 49 per cent of Canadians have debt and 68 per cent of those with debt are "concerned" about it.
Forty-five per cent of Canadians have borrowed money over the past year. Of this group, 22 per cent borrowed from banks and 18 per cent borrowed from family.
“A whopping three-in-five of those who are under the age of 65 and have a mortgage or other debts don't think it will be paid off by the time they turn 65,” says CPA Canada.
"Being in debt is frightening and can make you feel like there's no way out – but there is," said Doretta Thompson, CPA Canada's financial literacy leader. "If you are struggling financially, there's no shame in asking for help and there are several free CPA Canada financial literacy resources and non-profit organizations that exist to help Canadians thrive financially."
