A third of Canadians have borrowed money to cover basic necessities like food and shelter in the last year, according to in-house federal research.
The report by the Financial Consumer Agency of Canada, dated Dec. 4, indicated that 33 percent of Canadians surveyed had to use a credit card, go into overdraft, or borrow money to buy food or pay monthly expenses in the past 12 months, while that number was 43 percent for those under 44, as first reported by Blacklock’s Reporter on Dec. 24.
Asked if they would be able to come up with $2,000 if an unexpected need arises within the next month, 21 percent said they “definitely” could not and 10 percent said they “probably” could not, with just 25 percent saying they “probably could,” said the report titled “Data Collection for the 2024 Monthly Financial Well-Being Monitor” released Dec. 23….