At 52 per cent, that's up six percentage points from the proportion of Canadians who said the same in April.The escalating burden of household bills and food prices has intensified Canadians' financial anxiety and is further compounded by increased debt-servicing costs, particularly for those who are deeply indebted, MNP president Grant Bazian said in a press release Monday.
The report noted that 35 per cent of respondents say they already don't make enough to cover their bills and debt payments, up from 30 per cent in April and a record high for the survey. It also said a record 48 per cent of those surveyed are concerned about their current level of debt. Sixty-nine per cent of those surveyed by MNP said they're feeling the effects of interest rates, and 66 per cent said they're worried about their ability to pay their debts as rates rise, with around three in five respondents expecting to be in financial trouble if rates go up much further.
"This situation forces individuals to make difficult decisions regarding which bills they can prioritize and which they may have to postpone or forgo altogether."
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