Canadians $1.77 in debt for every dollar of disposable income

The "good news" is that debt is growing at a slower pace

Canadians $1.77 in debt for every dollar of disposable incomeHousehold credit market debt as a proportion of household disposable income fell to 177.1 per cent in the second quarter of this year, the third consecutive quarterly decline, as income grew slightly faster than debt, according to a report released Friday by Statistics Canada. “In other words, there was $1.77 in credit market debt for…

High net-worth Canadians focusing on preserving their wealth

The reasons for that include market uncertainty, geopolitical turmoil and home-grown tax changes

High net-worth Canadians focusing on preserving their wealthHigh net-worth Canadians are shifting their focus from generating wealth to preserving what they have, with 82 per cent saying it's more important than ever to 'future-proof' their wealth, says a new study released Wednesday by RBC Wealth Management. The reasons for that include market uncertainty, geopolitical turmoil and home-grown tax changes. "While investment and…

Workplace financial stress costs economy $16B a year: survey

Workplace financial stress costs economy $16B a year: surveyFinancial stress in the workplace is costing the Canadian economy close to $16 billion a year in lost productivity –and that’s a very conservative estimate, says a survey released on Wednesday by the Canadian Payroll Association. The association's 2019 National Payroll Week Survey of Employed Canadians found that 43 per cent of workers are so…

Moral investment constraints too onerous for pension funds

Never mind that reducing the choices available to a fund manager can result in negative consequences for pensioners

Moral investment constraints too onerous for pension fundsSome Canadian institutional investment and pension funds have faced scrutiny recently because they owned or own shares in American prison-management companies GEO and CoreCivic. That criticism is unwarranted and unfair. These firms operate prisons, detention centres and rehabilitation facilities in the U.S. Given that the U.S. incarcerates more people than anywhere else in the world,…

The rise of the student loan debt is killing initiative

The world has changed a lot but we still try to convince youth that they must go to expensive schools and take on debt that will burden them for years

The rise of the student loan debt is killing initiativeThe dream of future success is fading for many North American youth as higher education cost keeps rising. For example, according to official data, United States student loan debt increased from US$619 billion to US$1.56 trillion during the last decade. Canadian student loan debt exceeds $3 billion right now. Who’s at fault for the student…

Cash-strapped Canadians using homes as ATMs to pay off bills

Overall consumer credit balances continued to grow in the second quarter – up to $1.88 trillion

Cash-strapped Canadians using homes as ATMs to pay off billsCash-strapped Canadians may be treating their homes like ATMS to pay off their bills, says a study by MNP Ltd. In a news release on Tuesday, the largest insolvency firm in Canada said three in 10 Canadian homeowners with a home equity line of credit (HELOC) say they have used the funds borrowed to pay…

Canadian household credit growth slows for second straight month

But Scotiabank report says total borrowing by individuals rose by 3.7% month over month

Canadian household credit growth slows for second straight monthCanadian household credit growth decelerated in June as the slowing pace of mortgage expansion more than offset an acceleration in consumer credit, according to a new report by Scotiabank Economics. Home equity line of credit loans (HELOCs) remained flat in June, remaining on a weaker trajectory following strong increases through 2017 and 2018, it said.…

Why Canadians won’t, or can’t, invest in their own country

C’mon Canadians, break out of the grim consensus, do your homework and invest your TSFA in the Canadian economy. The banks won't

Why Canadians won’t, or can’t, invest in their own countryThe great Canadian experiment Justin Trudeau represents is struggling. It seems our very Canadian desire for consensus and safety are undermining the prosperity upon which all our other virtues depend. The desire for consensus – worthy in its own right – seems to be undermining the ancient principle of private property. For centuries, the norm…

Few feel financially ready for a career change

Women are less likely to feel financially ready for career change by 54 per cent, compared to 44 per cent for men

Few feel financially ready for a career changeA new poll released Monday by investment firm Edward Jones found that 54 per cent have considered a career change in the past 12 months, but 46 per cent of respondents cited a lack of financial preparedness as a barrier towards taking that first step towards a new career. "Career changes can mean taking a significant…
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