A new survey has found that a third of Canadians are unable to pay their bills as prices rise and an economic slowdown takes hold across the country.
TransUnion’s latest “Consumer Pulse” survey found that 33% of people polled expect their bills and loan repayments to rise in the coming three months.
A further 28% of people said they expect that they will be unable to pay one or more of their current bills and loans in full.
TransUnion attributed the situation to higher interest rates and elevated costs of living, as well as a slowing economy.
The latest poll found that a growing number of Canadians expect an economic recession to occur in 2024.
A total of 57% of survey respondents indicated that they plan to reduce their discretionary spending, while 36% said they are saving money, and 31% are paying down debt.
Furthermore, 43% of people said their household finances were worse today than in the fourth quarter of 2023.
TransUnion’s Consumer Pulse survey polled 974 adults aged 18 and older residing in Canada. The online survey cannot be assigned a margin of error.
