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
Widow looking for answers after Quebec man dies in Texas Ironman competition
The widow of a Quebec man who died competing in an Ironman competition is looking for answers.
Amid concerns over 'collateral damage' Trudeau, Freeland defend capital gains tax change
Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
U.S. Senate overwhelmingly passes aid for Ukraine, Israel and Taiwan with big bipartisan vote
The U.S. Senate has passed US$95 billion in war aid to Ukraine, Israel and Taiwan, sending the legislation to President Joe Biden after months of delays and contentious debate over how involved the United States should be in foreign wars.
Wildfire southwest of Peace River spurs evacuation order
People living near a wildfire burning about 15 kilometres southwest of Peace River are being told to evacuate their homes.
World seeing near breakdown of international law amid wars in Gaza and Ukraine, Amnesty says
The world is seeing a near breakdown of international law amid flagrant rule-breaking in Gaza and Ukraine, multiplying armed conflicts, the rise of authoritarianism and huge rights violations in Sudan, Ethiopia and Myanmar, Amnesty International warned Wednesday as it published its annual report.
Train derailed in Sarnia after colliding with a truck
Police are investigating after a transport truck collided with a train in Sarnia.
Fewer medical students going into family medicine contributing to doctor shortage
As some family doctors are retiring and others are moving away from family medicine, there are fewer medical students to take their place.
'It's discriminatory': Individuals refused entry to Ontario legislature for wearing keffiyeh
Individuals being barred from entering Ontario’s legislature while wearing a keffiyeh say the garment is part of their cultural identity— and the only ones making it political are the politicians banning it.