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According to the BDO Affordability Index, Canadians are struggling to tackle the affordability crisis and manage debt. 56% of Canadians are coping with debt by cutting back on non-essential expenses. While 43% are sacrificing some essentials like food, clothing, and utilities to tackle debt payments. Another 30% of Canadians are overwhelmed by debt and are uncertain how to manage it. In response to inflation, 50% have reduced their living expenses, and 27% have reduced allocations to savings.
Review the BDO Affordability Index to learn more about the cost of living crisis in Canada, click here.
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