The number of Canadians who say they are unable to meet their financial obligations and are facing mounting financial stress has jumped significantly in the past year, according to a new survey from the National Payroll Institute, which is calling the situation a national emergency.
“A financial storm has picked up significant strength and it’s far more intense than initially predicted,” Peter Tzanetakis, the institute’s president, told the Star. “The key drivers of this financial stress have been increases in interest rates, inflation and the cost of living.”
