One third of Canadians are spending their money faster than they make it, according to a new survey. (Black Press File).

New survey says one in three Canadians spend money faster than they make it

Almost forty per cent of Canadians say they went into debt because they live beyond their means

One third of Canadians are spending their money faster than they make it, according to a survey of Canadians aged 20 to 69 years old with a household income of $40,000 or more by Manulife Bank of Canada.

The survey also finds that many Canadians know that their financial choices are pushing them into debt, yet make them anyway for reasons of comfort.

RELATED: Canadians are getting poorer and are borrowing money

According to the survey, 38 per cent of Canadians living with debt say they went into debt because they live beyond their means. Another 19 per cent say they can go into debt as a matter of habit, one that they cannot break. Reasons for Canadian debt levels vary, but include high housing and child care costs.

They contribute to what the company calls a “financial wellness crisis.”

Rick Lunny, president and chief executive officer of Manulife Bank, said mMillennials are now starting to purchase homes and start families — two areas with rising expenses. “Housing affordability remains at near-historic levels across the country and child care costs have risen faster than inflation for Canadians,” he said. “We know we have a financial wellness crisis in Canada.”

This said, private choices also carry consequences. Nearly half, 49 per cent, of indebted Canadians 20-34 years old and a majority of those who are 35-54 years old report carrying credit cards with a balance. One in 10 (nine per cent) admit to being clueless about how much they are spending, every month, on average.

Looking at specific groups, one in three Millennials say they often make impulse purchases. Sixteen per cent of Millennials also say they are in debt because of costly social outings.


Like us on Facebook and follow us on Twitter

wolfgang.depner@saanichnews.com

Just Posted

Victoria woman to sell masks on wheels after garage stand shut down

Mama’s Masks stand accompanied Moss Street Market

Captive fawn seized from Cumberland home

Valley resident charged and fined under the Wildlife Act

Greater Victoria non-profit advocates for the use of psilocybin for terminal patients

North Saanich psychotherapist pushes for alternative treatment

VIDEO: Seal pup and mom play and ‘kiss’ in Oak Bay Marina

BRNKL seal cam captures harbour seal growing up in busy harbour

Gathering marks 10 years since nearly 500 asylum-seekers landed off Victoria shore

The 492 people fleeing violence, war crimes and genocide in Sri Lanka were detained for months

578 British Columbians currently infected with COVID-19

Seventy-eight new cases confirmed in past 24 hours

Pandemic could be driving more parents to get on board with flu shot: study

University of B.C. study gauges willingness for parents to vaccinate children for influenza

Two motorcycles crash in Nanaimo, one rider injured

Collision happened at 9 a.m. Thursday on Terminal, near Cypress Street intersection

Vancouver Island Olympic hopeful adjusting to shift to 2021

Campbell River’s Mackenzie Padington had to change pools and raise funds to stay in the game

Health Canada says several kids hospitalized after eating edible pot products

People warned not to store cannabis products where children can find them

Watchdog clears Okanagan RCMP in death of man after arrest over alleged stolen pizzas

The man died in hospital after having difficulty breathing and broken ribs

‘It’s not just about me’: McKenna cites need to protect politicians from threats

Police investigation was launched after someone yelled obscenities at a member of McKenna’s staff

Michigan plans dedicated road lanes for autonomous vehicles

First study of its kind in the U.S. to figure out whether existing lanes or shoulders could be used

Most Read