Quebecers are more worried about their debts than about rent or food. Young people, on the other hand, fear that they will never have access to property.
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Paying off debt becomes the primary concern for people with severe or extreme financial anxiety, ahead of room and board costs.
This is according to Centraide’s Greater Montreal Financial Anxiety Index measurement, conducted in collaboration with survey firm Léger. A twice-yearly survey to find out Quebecers’ concerns about their financial situation.
Recall that a report from Equifax Canada in September showed that the average non-mortgage debt per consumer hit a new record of $21,131.
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“People in poverty have no cushion, they are people who live day by day and try to get through the month. However, when you’re so tight on cash, your budget items are solely for room and board. If you have credit card or other debt and it increases, you are no longer able to pay for essentials,” explains Claude Pinard, CEO of Centraide in Greater Montreal.
The “American Dream” is dying
85% of Quebecers suffer from varying degrees of anxiety, including 44% who are moderately to extremely anxious. Financial anxiety is even greater among certain demographics: racially motivated people (60%), parents (58%), young people ages 18 to 34 (54%).
Among other fears, we find among young people aged 18 to 34 the fear of never having access to property. Almost two thirds (61%) think so.
“When we know that in Montreal you need an annual income of more than $100,000 to buy something, a lot of young people say to themselves: We’ll never be able to buy something.” Many don’t see the suburbs either as option. “That’s why they have to give up their dream,” emphasizes Claude Pinard.
Few believe housing affordability issues will improve. “More and more households, namely 54% of them, are expecting an increase in housing costs in the coming months. This represents an increase of 10 percentage points since last April,” added Christian Bourque, Executive Vice President at Léger.
Christian Bourque, Vice President of the Léger company. Photo from LinkedIn. Photo from LinkedIn
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