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    MNP Consumer Debt Sentiment Survey Update  348  0 Kommentare Lack of financial literacy intensifying Canadians' debt binge

    CALGARY, ALBERTA--(Marketwired - May 8, 2017) -

    Editors Note: There is an infographic associated with this release.

    The latest MNP Consumer Debt Sentiment Survey shows that a lack of financial literacy skills may be intensifying Canadians' consumer debt binge.

    Six in ten Canadians say that they are less than very confident in their understanding of the impact of interest rates on debt payments. The same number indicated that they are less than very confident about their ability to set and follow a budget. When it comes to saving, two in three said that they are less than very confident in their ability to create a rainy-day or emergency fund.

    "The most alarming thing about the record consumer debt levels in Canada is the lack of basic financial literacy skills to manage the debt," says Grant Bazian, President at MNP LTD, a division of MNP LLP.

    The survey showed that over half of Canadians are now $200 or less per month away from not being able to meet all of their bills or debt obligations each month, including 31 per cent who say they already don't make enough money to cover them. The proportion of Canadians who are now living within $200 a month of being unable to pay their bills is down 4 points since September 2016, but up 6 points compared to February 2016.

    "With such a small amount of wiggle room, any kind of unanticipated hardship, such as a job loss or even a car repair, could send an already struggling family into financial despair. If you're in this situation and you don't have any savings and you don't understand how interest rates impact payments, you take on more debt and even high-cost loans. That's how so many end up in an endless cycle of debt," says Bazian who runs a national team of licenced insolvency trustees in over 200 offices across the country.

    A majority of Canadians say that when it comes to their personal debts, they would go back and do things differently if they could. Nearly half say they are concerned about how much debt they have. About the same amount expressed regret for the amount of debt they've taken on in their life, while nearly four in ten regret the debt they've taken on in the past year alone. Concern and regret were significantly higher among those who aren't confident about their understanding of financial concepts like credit scores, the impact of interest rates on debt payments, bankruptcy or insolvency.

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    MNP Consumer Debt Sentiment Survey Update Lack of financial literacy intensifying Canadians' debt binge CALGARY, ALBERTA--(Marketwired - May 8, 2017) - Editors Note: There is an infographic associated with this release. The latest MNP Consumer Debt Sentiment Survey shows that a lack of financial literacy skills may be intensifying …

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