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
Former homicide detective explains how police will investigate shooting outside Drake's Bridle Path mansion
Footage from dozens of security cameras in the area of Drake’s Bridle Path mansion could be the key to identifying the suspect responsible for shooting and seriously injuring a security guard outside the rapper’s sprawling home early Tuesday morning, a former Toronto homicide detective says.
Federal government grants B.C.'s request to recriminalize hard drugs in public spaces
The federal government is granting British Columbia's request to recriminalize hard drugs in public spaces, nearly two weeks after the province asked to end its pilot project early over concerns of public drug use.
Stormy Daniels describes meeting Trump during occasionally graphic testimony in hush money trial
Stormy Daniels took the witness stand Tuesday at Donald Trump's hush money trial, describing for jurors a sexual encounter the porn actor says she had with him in 2006 that resulted in her being paid off to keep silent during the presidential race 10 years later.
MPs agree Canadian gov't should improve new disability benefit
The federal government needs to safeguard the incoming Canada Disability Benefit from clawbacks and do more to ensure it actually meets the stated aim of lifting people living with disabilities out of poverty, MPs from all parties agree.
Bye-bye bag fee: Calgary repeals single-use bylaw
A Calgary bylaw requiring businesses to charge a minimum bag fee and only provide single-use items when requested has officially been tossed.
CFL suspends Argos QB Chad Kelly at least nine games following investigation
The CFL has suspended Toronto Argonauts quarterback Chad Kelly for at least nine regular-season games following its investigation into a lawsuit filed by a former strength-and-conditioning coach against both the player and club.
Boy Scouts of America changing name for first time in 114 years, aiming for inclusivity
The Boy Scouts of America is changing its name for the first time in its 114-year history and will become Scouting America. It's a significant shift as the organization emerges from bankruptcy following a flood of sexual abuse claims and seeks to focus on inclusion.
opinion Tom Mulcair: Trudeau's handling of Poilievre's 'wacko' House turfing a clear sign of Liberal desperation
When Speaker Greg Fergus tossed out Pierre Poilievre from the House last week, "those of us who have experience as parliamentarians simply couldn't believe our eyes," writes former NDP leader Tom Mulcair in his column for CTVNews.ca
New charges for Ont. woman who previously admitted to defrauding doulas
The Brantford, Ont. woman who was previously sentenced to house arrest after admitting to deceiving doulas has been charged again in connection to a new victim.