Canadians Struggle With Their Money

Canadians struggle with their money.And they say two key things are responsible for their money woes.The high cost of medical and dental care.

Canadians struggle with their money.

And they say two key things are responsible for their money woes.

The high cost of medical and dental care.

Others include having to take out payday loans.

The situation is so bad that money woes afflict one in six Canadians.

The report comes from the Angus Reid Institute.

CANADIAN MONEY WOES

The report says:

As much as 21 per cent of Canadians say they can’t afford to go for dental care, while one-quarter reported they have recently had to borrow money to buy groceries.

To study how Canadians struggle with their money, people were asked about 12 money-related situations, including whether they’ve used a pay-day loan-type service, if they’ve used a food bank, if they’ve not been able to pay a utility bill and if they can afford to go for dental care.

And based on what they said they were placed into four groups:

  • Struggling.
  • On The Edge.
  • Recently Comfortable.
  • Always Comfortable.

In the struggling category the highest percentage – 51 per cent – are in the age group of 31 to 54.

The on the edge group – 39 per cent – are also in the 31 to 54 age group, but the 18 to 34 age group comes in at a close second at 36 per cent.

The recently comfortable group – 36 per cent – are in the 31 to 54 age group, followed by the 55 plus age group at 35 per cent.

The last group – the always comfortable one  – the age group 55 plus scores the highest percentage at 44 per cent.

In its report, Angus Reid pointed out that household income is highly correlated with the four segments, but maybe not as highly as might be expected. The research group pointed out that more than one in five people in the “struggling” group, have household incomes between $50,000 and $100,000. However, based on their survey responses, those people are facing financial difficulty, which might be due to debt, the cost of living in their area or the expense of child-rearing.


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