Two in five Canadians fear one bill could derail their finances
Statistics Canada reported that inflation rose 3.2 percent in May, with gasoline up 33 percent year over year.
Groceries, housing and fuel now consume a larger portion of household income, leaving less for savings, Gubic said, while the wave of mortgage renewals has added pressure on homeowners.
He expects the share of Canadians struggling to cover emergencies to keep climbing, and said the problem extends up the income ladder. “(These concerns) are not limited to lower-income households.”
Car repairs and other transportation costs topped the list of feared expenses at 39 percent, followed by major home repairs at 38 percent and medical or health costs at 31 percent.
Asked how they would handle an unexpected cost, 41 percent said they would draw on an emergency fund, 35 percent would turn to a credit card and 15 percent would borrow from family or friends.
