Canadian Households At Point Of Hard Return

At 1.1%, the Canadian savings rate is today near all-time lows, while Canadian debt is at all-time highs, and unemployment is set to move higher. Years of reckless financial policies have driven Canada to the point of hard return. This one is gonna hurt.

(Click on image to enlarge)

As observed by Canadian consumer credit expert Scott Terrio this morning:

No savings. Nothing to absorb any kind of financial shock – job loss, reduced hours, separation/divorce, illness, selloviction/renoviction, etc. It’s been my theory for while now from what I see every day at work – there is a whole segment of people living on the financial edge.

Disclosure: None.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.