Debt and Savings
Canadians have been increasingly likely to have turned to sources of financial support over the last year, compared with the first two years of the pandemic. Changes in the availability of government benefits (e.g. CERB) has meant that more Canadians are turning to other sources of support, notably personal savings, credit cards, and banks.
Almost half of Canadians have seen an increase in total debt over the last year, and while the majority of those carrying debt have taken proactive measures to manage this, there are still many who are turning to more loans and as a result, risk falling further into debt.