GREEDYRATES

GreedyRates Canadian Spending Report Reveals Large Household Debt Amidst Spiraling Living Costs

Retrieved on: 
Thursday, February 4, 2021
Debt, Household debt, Child care

The report highlights an array of statistics about the rising costs of housing, childcare, food, and travel, while debt among the Canadian population significantly rises

Key Points: 
  • The report highlights an array of statistics about the rising costs of housing, childcare, food, and travel, while debt among the Canadian population significantly rises
    OTTAWA, ON, Feb. 4, 2021 /PRNewswire/ -- Greedyrates , a leading personal finance site, has released a report examining the past decade of Canadian spending habits.
  • The report found that Canadians are feeling overwhelmed as burgeoning debt looms over the population and the rising costs of housing, childcare, food, and travel is heavily contributing to Canadian normalization of a dependence on debt.
  • The report found that the measure of household debt to disposable income now stands at 155%.
  • With a record-setting amount of household debt, the report found that many Canadians are living paycheck to paycheck a reality primarily due to childcare expenses becoming increasingly burdensome, the weakening Canadian dollar, and the rising food costs of meat, fruits, and vegetables.