Canadians are less prepared to buffer financial shocks as they spend more towards food, clothes, and shelter, says a survey conducted for the insolvency firm MNP.
“Canadians are putting more of their paychecks towards basic necessities. That is leaving less of a financial buffer to manage the impacts of current and potential future interest rate hikes,” said Grant Bazian, president of MNP, in an Oct. 3 statement.
MNP released its Consumer Debt Index this week, which is based on polling conducted quarterly by the Ipsos polling firm.
It says the impact of inflation and successive rate hikes by the Bank of Canada are becoming clear….