52% of people in B.C. are within $200 of not being able to pay their bills: survey
CTV
More than half of British Columbians say they are within $200 of not being able to make ends meet each month, according to new data.
More than half of British Columbians say they are within $200 of not being able to make ends meet each month, according to new data.
Bankruptcy firm MNP Canada's latest Consumer Debt Index was released this week, and sheds some light on the impacts of inflation and rising interest rates in B.C. and beyond.
“Amid the high cost of living, households are facing a range of financial pressures, leaving minimal wiggle room within their budgets," Linda Paul, an insolvency trustee with MNP Canada said in a statement."
“The mounting weight of household expenses and food prices has caused British Columbians’ financial anxiety to intensify. That’s further compounded by elevated debt-servicing costs, especially for those who are heavily indebted.”
The percentage of people who reported being within $200 of not being able to pay their bills has jumped to 52, up eight points from last quarter – the largest increase among all provinces.
This increase comes as the average British Columbian, according to MNP, is shelling out $206 more per month on essentials when compared to last year.
“While households are trying to curtail discretionary expenses and spend more cautiously, some have exhausted all possibilities of cutting back. They’ve already swapped to the cheapest grocery store items and cut down on their entertainment costs. Despite these measures, they’re still struggling with the essentials like putting food on the table or paying their mortgage or rent,” Paul wrote in the media release.
