The latest survey from insolvency firm MNP has found that a majority of Canadians (52%) are $200 or less from not being able to pay all their bills due to elevated interest rates and stubbornly high inflation.
The July survey shows that financial stress is growing among Canadians as the rising cost of living eats up household budgets.
The latest poll by MNP is up six percentage points from April, when 46% of Canadians said they were $200 or less from not being able to pay their monthly expenses.
MNP said high food prices and debt-servicing costs have raised Canadians' financial anxiety, particularly among people who are deeply in debt.
The report found that 35% of Canadians polled said they don't earn enough money to cover their monthly bills and debt payments, up from 30% in April and a record high for the quarterly survey.
The latest poll also found that a record 48% of Canadians are concerned about their current debt load.
Household debt has been singled out as a major risk for the economy by the Bank of Canada, which is scheduled to make its next interest rate decision on July 12.
