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COVID-19 has created a "debt divide" in Canada: Survey

CA, 20 Jul 2021
As the stock market grapples with fears of the COVID-19 Delta variant could harm economic recovery, a survey found that nearly half of Canadians can't cover living expenses this year without going deeper into debt.

Canadians are reporting very different levels of concern about their debt, according to a recent poll conducted by Ipsos on behalf of debt consultancy MNP.

Higher-income households are more likely to say that their debt situation has improved compared to before the pandemic. Those with lower incomes, on the other hand, are more likely to say things have gotten worse. Younger Canadians, in particular, are more likely to report both that it’s become more difficult to keep up with debt payments and that they’ve accumulated additional liabilities during the pandemic.

Global's Anne Gaviola reports.

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