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Amid the current political climate and economic uncertainty, more and more Canadians admit that they are struggling with their financial situation.
Mason Cox, consulting director at the Credit Advisory Association, said the organization is in various industries.
“One of the important works we see today is seeing more homeowners have more choices in how to solve their financial problems and constraints in the past, and they are looking for new ways that maybe they have never been under this pressure before,” he explained.
With such instability in the market, older generations are watching their retirement savings increase in the smoke.
“When you see volatility, especially when it comes to retirement funds, you certainly worry about that. Our younger generation, home ownership, affordability, putting food on the table, kids, these are usually your concerns.”
He noted that young people are trying to maintain their financial situation by seeking help and working multiple jobs.
The key issue, Cox said, is the level of debt. Even in a house where two people work full-time, the average family’s red is tens of thousands of dollars.
“The cost of living may break down in several areas – your daily expenses, like gasoline, groceries, can basically get food on the dining table. But there is also a second element, just having a roof over your head. In a Canadian conversation, it was a fairly long time of conversation, and I think it was a conversation, whether it was the house owner, even the house owner…even the cost of renting, he explained.
He noted that people aged 35 to 54 really feel full when they are caring for an elderly person.
“The more layers you add, the more complex it becomes. It’s definitely a very common situation,” he said.
Cox told 1130 Newsradio that despite being stigmatized, the need for help has increased, which often keeps people away.
“Money doesn’t go away anytime soon. Your financial situation will always be a part of your life, it’s better to start early rather than later.”
He said it is important to keep your financial situation realistic, whether it is to accept that you may not be able to take a leave or take your kids out of summer camp and then determine the realistic goal – to pay off your debt or pay off your debt, or pay a portion of your salary.
The 2025 Consumer Debt Report found that 44% of Canadians said rising interest rates made their debt more difficult, and nearly a quarter of them lost their sleep.
On Tuesday, inflation cooled to 2.3% in March as gasoline prices fell. Statistics Canada said people paid 1.6% less for gas in the month and 12% lower for air tickets compared to a year ago, which is consistent with travel to the United States.
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