It's no secret that many Canadians live on a financial razor's edge, but nearly half are just one emergency expense away from falling into debt.
According to a recent report from online loan provider Fig Financial Inc, a single unexpected expense can cause the loss of 45 per cent of Canadians' finances, but that figure rises to 57 per cent of millennials who are at risk of financial harm due to unexpected expenses.
To make matters worse, 47 per cent of Canadians say a $10,000 emergency expense would put them in debt, and 32 per cent would take on debt by spending $5,000 on an emergency.
According to the software company, a single missed paycheck is enough to leave 51 per cent of Canadians unable to pay their bills.
.
Meanwhile, according to a report from accounting firm MNP Ltd. released in July, 43 per cent of Ontarians are just $200 or less away from financial insolvency.
“Many households feel caught between ongoing economic pressures and global instability, with little flexibility to cope with any disruption to income or unexpected expenses,” said Caryl Newbury-Mitchell, licensed insolvency trustee at MNP.
at that time. “As a result, some are hesitant to make important financial or life decisions.”
This level of financial stress is keeping many Canadians awake at night, with 39 per cent saying it is affecting their sleep and 34 per cent saying they have felt helpless about their finances in the past year.
The problem is even worse among younger Canadians, with 59 per cent of people aged 18 to 34 and 49 per cent of people aged 35 to 54 struggling to cope with a constant stream of financial decisions.
Due to anxiety, 51 per cent of Canadians feel guilty about spending on themselves, even when it comes to small discretionary purchases.
Fig Financial recommends that those struggling with their finances normalize conversations about money, plan and budget for unexpected emergencies, and regularly review their finances to ensure they are on track.
“We at Fig encourage Canadians to break their silence on debt,” Francois Côté, chief executive of Fig Financial, said in a press release. “Open and honest conversations are the foundation of financial confidence.”
Latest toy stores
Have you noticed that the Toys “R” Us store in your area has closed or may be for sale? Well, the Financial Post Western Bureau team did it too. They've put together a five-part series called “The Last Toy Stores,” which explores the changes in toy retail in Canada as the country's largest chain scales back its footprint. You can read the first part with a detailed description of the changes on the Toys “R” Us website, Hereand visit series home page at Financialpost.com every day this week for a new contribution.
Register here to have Posthaste delivered straight to your inbox.
Some tough days on Wall Street have investors wondering whether U.S. stocks can rally during the holiday season, a time when stocks are typically at their best.
“Magnificent Seven” technology stocks supported a 34% rise in the S&P 500, but their gains slowed and left gains to companies more exposed to the challenges facing the global economy.
Overall, shares of major technology companies fell five percent for the month, with only Alphabet Inc. there was an increase in November.
Nvidia Corp., Walmart Inc. are expected to and Target Corp. will report quarterly earnings this week and provide insight into the economy.
- 12:30: Bank of Canada Deputy Governor Nicholas Vincent to speak in Quebec
- 14:00: The US Federal Open Market Committee published the minutes of the interest rate announcement on October 29
- Today's data: Construction Investments in September, US Home Construction Starts and Building Permits in October
- Earnings: Nvidia Corp., Lowe's Co. Inc., Target Corp., Metro Inc.
- 'Shine a light on the dirt': Zekelman's Buy Canadian Steel snitch has already paid $10 thousand
- Scotiabank moves chief risk officer to new role as part of executive reshuffle
- Ottawa urged to suspend sales of electric vehicles until the auto sector emerges from the crisis
- Can you make a living selling vintage clothing on Poshmark? This Canadian Millennial Found a Way
- Canada's oil sands are making a comeback as US shale plateaus
Following the sudden closure of short-term rental company Sonder Holdings Inc., where guests suddenly found themselves homeless, Financial Post columnist Harry Marr looks at the pitfalls of short-term rentals. The fiasco, he writes, was a stark reminder that the flexible world of alternative accommodation is far less stable than the hotel industry it seeks to disrupt.
McLister on mortgages
Want to learn more about mortgages? Mortgage strategist Robert McLister
can help you navigate a complex sector, from the latest trends to funding opportunities you won't want to miss. Plus check it out
for the lowest national mortgage rates in Canada, updated daily.
Financial post on YouTube
Visit Financial Post
for interviews with Canada's leading experts on business, economics, housing, the energy sector and more.
Today's Posthaste was written by Ben Cousins with additional reporting by Financial Post, Canadian Press and Bloomberg staff.
Do you have a story idea, presentation, embargoed report, or proposal for this newsletter? Write to us at
.
Bookmark our site and support our journalism: Don't miss important business news – add financialpost.com to your bookmarks and subscribe to our newsletter Here
