Survey finds more “financially healthy” Canadians, homebuyers
A new survey has found that the majority of Canadians feel financially healthy, with 70 per cent of homeowners having no problems in reaching their monthly mortgage payments.
An online poll by the Chartered Professional Accountants (CPA) of Canada found 59 per cent of households across the country are “living comfortably and doing well financially.” Sixty-five per cent of non-retiree respondents believe that their level of financial discipline is “somewhat or very strong” as well.
However, 53 per cent still said they do not save on a regular basis, with 51 per cent saying they do not have emergency funds.
Debts are also paid off on a regular basis for only 60 per cent of surveyed households, The Globe and Mail reported.
“It may be a matter of perception. Factors such as lower interest rates, cheaper gas and a strengthening U.S. economy may have some people thinking things are just fine,” CPA Canada president and chief executive officer Kevin Dancey said. “However, no matter what happens with the economy over the coming months, the lingering issue of high debt levels cannot be ignored.”
CPA Canada also warned that oil price drops will continue to have a negative impact on the national economy as oil exports decline and companies cut their investments and hiring plans.
Meanwhile, for CPA Canada executive vice president Joy Thomas, the appointment of Jane Rooney as the country’s first financial literacy leader “is a step in the right direction” done by the federal government.