Canadians' Personal Debt at Historic Level.
Collectively, Canadian consumers now owe $752.1 billion, according to Bank of Canada, up 36 per cent in the past 10 years when adjusted for inflation. Over the same period, personal disposable income, or take-home pay, has risen 15 per cent. In other words, Canadians are piling on debt more than twice as fast as their income is growing.
Financial security is a far cry. Living on pay cheque to pay cheque with little cushion to face a financial emergecy, far too many Canadians are stressed and insecure about their financial future.
Many of them feel, a little money will solve their problems. More money sure helps, but more money is not the answer. Inorder to achieve financial security, it is important to manage what money you have. Money management is a skill. You can learn how to take control of your finances and create the life of your dreams.