“A Disturbing Number”: 33% Of Canadians Fear Going Bankrupt

More evidence that the economy is failing.

While the federal government tries claiming the economy is doing ‘well,’ a new survey by Ipsos conducted for Meyers Norris Penny reveals a massive amount of Canadians worried about going bankrupt.

According to BNN Bloomberg, 33% of Canadians say they are worried about going bankrupt due to rising interest rates.

Additionally, “almost half of respondents (45 per cent) said they’re already feeling the effect of higher rates.”

Grant Bazian – the head of MNP – expressed concern about the numbers:

“It’s just common nature where people would think: ‘Interest rates are going up. I’m concerned,’ but 33 per cent seems to be a bit of a disturbing number for sure. With little decrease in household debt and the pace of rate hikes expected to accelerate, we will likely see a more immediate and significant effect on borrowers with rate increases in the future.” 

Bazian noted that many Canadians have concerns about paying their mortgage and car loans, while there are also big fears among young Canadians.

62% of young Canadians say they are “worried about paying their bills,” while 46% “are concerned about being pushed toward bankruptcy.”

Clearly, the Canadian economy is not doing well. While the government may try to push deceptive numbers to give a false impression of economic success, the reality on the ground – and the actual lived experiences of Canadians – is far different.

Something is going wrong.

Spencer Fernando