Fewer Canadians able to save money amid tough economic times: ‘Huge shift and not a good one’
Story continues below advertisementThat combined with high costs for things like groceries and gas has meant there’s little left to grow that nest egg, something that’s vastly different from how it used to be.
“When we go back to the late 1990s … the average savings rate was double digits, 12, 13 per cent, that’s how much we set aside,” said Scott Hannah, president and CEO of the Credit Counselling Society. “Today people aren’t saving. They’re taking their money that was in savings, and they’re spending it to make ends meet. That’s a huge shift and not a good one.”New consumer debt study says credit card debt payday loans on the rise in B.C.
The Credit Counselling Society, which helps people get out of debt at no cost, has seen a 100 per cent increase in clients from this time last year.Story continues below advertisement “If there was ever a time to make friends with a budget, it’s now,” Hannah said. “Your budget is your best friend and really, you can’t afford to spend more than what’s coming in for an extended period of time. It’ll catch up with you.”
While managing finances is critical to make ends meet, a Kelowna psychologist said it’s also vital to mental health.“If you start experiencing financial pressure, then you might start doing things like socially withdrawing and find yourself consumed with thoughts about money and how you’re going to make it and then that can lead to anxiety and depression and can be a precursor,” Shackleton said.
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