Many Canadians consider turning to part-time jobs if finances worsen, new survey says
A new Consumer Debt Report by the Canadian Counselling Society has found that many Canadians are pessimistic about their 2023 finances.
“It is no longer that it's a certain segment feeling the pinch, everyone is feeling the pinch" Anne Arbour, Director of Strategic Partnerships with the Credit Counselling Society, told CTV News Toronto.
82 per cent of Canadians surveyed said spending on essential goods is the main cause of their worsening finances and 63 per cent said they plan to make cutbacks to their expenses, especially on food.
"We all need groceries, we all need gas or bus money and those costs are going up. So it's not as simple as not taking a holiday, it has to do with buying the essentials that we all need," Arbour said.
The survey also found 42 per cent of those asked have experienced an increase in debt in the past year and that 35 per cent would consider getting a part-time job if things get worse.
For companies that deal with debt, this doesn’t come as a surprise – inflation is increasing and many people have not seen their income match those increases.
It’s being called a perfect storm of inflation, rising interest rates and incomes not keeping up, and it’s putting pressure on many families’ finances.
Many debt collection companies took a break from collecting during the pandemic, but have since resumed and now some are seeking repayment of debts, pushing some consumers into a precarious financial situation.
“Creditors are saying the pandemic is over and they want to collect what they are owed and some are being quite aggressive about it," Laurie Campbell, Director of Client Financial Wellness with Bromwich & Smith, a licenced insolvency trustee, said.
Campbell said that bankruptcies and consumer proposals are at their highest level since March 2020.
“We are seeing a steady increase in insolvencies and I predict over the next 6 to 12 months, the increases will continue," she said.
The survey also found, while many people have savings to fall back on if they need extra money, some consumers are forced to use credit cards, borrow from banks and other institutions and even ask friends and family.
Anyone feeling overwhelmed by their financial situation is urged to reach out for help.
"To understand you are not alone and there are resources out there whether it's a not-for-profit credit counselling agency or whether it's your financial institution or a trusted friend," Arbour said.
CTVNews.ca Top Stories
Deaths of 4 people on Sask. farm confirmed as murder-suicide
The deaths of four people on a farm near the Saskatchewan village of Neudorf have been confirmed a murder-suicide.
Multiple bridges in Calgary shut down for police incident
Calgary police have shut down a number of bridges into and out of the downtown core as officers deal with a distraught individual.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
Why some Christians are angry about Trump's 'God Bless the USA' Bible
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.
George Washington family secrets revealed by DNA from unmarked 19th century graves
Genetic analysis has shed light on a long-standing mystery surrounding the fates of U.S. President George Washington's younger brother Samuel and his kin.
Baby boom amongst nurses leads to maternity ward closure in Listowel, Ont.
The emergency room at Listowel’s hospital is open today, but come summer, their obstetrics unit will be temporarily closing its delivery rooms.
Humboldt Broncos bus crash survivor qualifies Canada for Paralympics in rowing event
Former Humboldt Broncos goaltender and bus crash survivor Jacob Wassermann has qualified Canada for a rowing event for the 2024 Paralympic games in Paris.
Krispy Kreme doughnuts coming to McDonald's in U.S., but not Canada
Canadians will be missing out on a sweet new partnership between McDonald's and Krispy Kreme, which will see doughnuts available at McDonald's locations across the U.S. by the end of 2026.
'We won't forget': How some Muslims view Poilievre's stance on Israel-Hamas war
A spokesman for a regional Muslim advocacy group says Conservative Leader Pierre Poilievre's stance on the Israel-Hamas war could complicate his party's relationship with Muslim Canadians.