1 in 3 Canadians would fail financial stress test

The fragile financial state of many Canadians is highlighted in a new report from the Financial Planning Services Council.

It says that, if faced with a financial emergency such as car repairs or emergency vet bill, 1 in 3 doubt that their bank account could cope.

As Financial Literacy Month begins this week, the Leger poll of more than 1,500 Canadians also revealed that 20% of Canadians rarely or never pay off their credit card balance each month – that number is highest in Atlantic Canada (28%) and lowest in Quebec (17%).

One-in-three (33%) rarely or never set aside savings at the end of the month, after all expenses have been paid – that number is highest in Atlantic Canada (42%) and lowest in B.C. (30%).

“The results of the FPSC survey bring to light some provincial differences regarding the financial habits and intentions of Canadians,” says award-winning author, personal finance educator and FPSC’s Consumer Advocate, Kelley Keehn.

Keehn was the host of the W Network’s Burn My Mortgage, sat on the National Steering Committee on Financial Literacy, currently serves on the Financial Consumer Agency’s Consumer Protection Advisory Committee, the Ontario Securities Commission’s Seniors Expert Advisory Committee, and is a member of the OECD’s International Network on Financial Education.