Financial Pressure Building on Several Fronts for Canadians as Bank of Canada Decision Looms, Poll Finds

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Having exhausted their savings, Canadians are now struggling on a series of financial fronts, according to latest reading from an ongoing poll that is being released on the eve of the Bank of Canada‘s interest rate decision.

The Maru Household Outlook Index (MHOI) for June found that Canadians’ personal financial position is worse than in the previous month, that more are likely to declare bankruptcy and that saving for retirement has been pushed firmly to the back burner for a rising number of people.

“Everyone who has experienced a change in their wallets is saying they are worse off and it’s not dominated by any particular group and the pain is being felt across the board,” said John Wright, executive vice-president of Maru Public Opinion, the company that compiles the MHOI.

The June results, conducted from June 30 to July 3, showed that 11 per cent of those surveyed would consider declaring bankruptcy over the next sixty days, “up smartly” from nine per cent the previous time the survey was run. The new figure tied with the second highest rating since tracking started in July 2000, the firm said in a press release. Further, a larger number described their personal financial position as worse compared to the month prior, except for a group of younger Canadians who indicated their finances were improved.

Source: Financial Post