53 percent of Canadians just $200 away from insolvency, 31 percent can't pay bills: survey

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A new Ipsos survey conducted for MNP suggests that 31 percent of Canadians aren’t earning enough to cover their bills.

Respondents said that their incomes aren’t covering bills and debt payments, with 53 percent of respondents saying that they are $200 away from insolvency.

The survey, of 2,000 Canadians, was conducted between March 9 and 15, taking place just a week before the Bank of Canada raised its policy rate in an effort to curb inflation that has already hit Canadians’ pockets hard.

The survey shows that 52 percent of respondents were already feeling the effects of high interest rates.

“Among Canadians who say they’re planning to renew their mortgage in the next 12 months, 91 per cent said they’re planning to be more careful about how they spend money, compared to 81 percent among the broader population.”

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