Half of Canadians now possess $200 or less

A new survey has been conducted by Ipsos on behalf of the accounting firm MNP. The survey looked primarily at Canadians financial position, and the results were shocking.

52 percent of respondents said they were 200 dollars or less away from not being able to pay their bills at the end of each month

An even more concerning statistic was that 10% of respondents said they are left with just $100 or less at the end of the month.

31% say they are left with nothing, putting them on the edge of financial insolvency.

The President of MNP, Grant Bazian was quoted as saying, “With such a small amount of wiggle room, any kind of unanticipated hardship, such as a job loss or even a car repair, could send an already struggling family into financial despair,”

An even more startling statistic found in the survey was that more than half of Canadians don’t have a firm grasp on how interest rates affect debt repayments. A disturbing fact given the pressure mounting for Bank of Canada to raise its key interest rate.

What do you think about these findings and how will they affect Canada? Post your thoughts in the comment section below.

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Facts/information - http://www.ipsos-na.com/news-polls/pressrelease.aspx?id=7637