A Third of Canadians Can't Cover Basic Expenses

Inflation and high levels of personal debt have left Canadians struggling to stay atop their finances, says a TD Canada Trust survey.

The rising costs of food, utilities, and gasoline are making it harder for Canadians to make ends meet, with one-third of them saying in a recent survey that they don't have enough money to cover basic living expenses. The TD Canada Trust survey also found that one in 10 Canadians don't pay their bills on time and that 38 per cent don't have any savings whatsoever. Rapidly increasing prices could be to blame: gasoline prices have shot up 19 per cent, and food staples such as meat and vegetables have gone up five per cent and 18 per cent, respectively, in the past year. Canadians' staggering levels of personal debt – among the highest in the world – also likely contribute to their difficulty in managing their finances.

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