A fresh survey conducted by IPSOS for Toronto-Dominion Bank showed that almost 40 per cent of Canadians (around 10 million) experienced inconsistent and/or unstable month-to-month income over the past year, with incomes shifting by as much as 25 per cent for an estimated 3.3 million working adults.
“Our findings suggest that impact is both pervasive and profound – making it hard for many people to live the life they want today, let alone plan for and feel confident about their future,” TD Bank Group CEO and president Bharat Masrani told RCI.
Prosper Canada CEO of national charity Elizabeth Mulholland said that these numbers only confirm the dire need for a “sea change” in the availability of opportunities for financial stability among Canadian households.
“Rising income volatility appears to be making it far more challenging for households at all income levels to manage financially, but Canadians with lower incomes are really feeling this most sharply,” Mulholland noted.
In addition, a study by Manulife Bank of Canada uncovered an 11 per cent increase in mortgage debt last year, up to $201,000. Around half of those surveyed (51 per cent) had $5,000 or less allocated for financial emergencies, while 20 per cent have no funds set aside at all.