Nearly half of Canadians on the brink of insolvency: MNP survey

October 22, 2022
Nearly half of Canadians on the brink of insolvency: MNP survey

What is going on in Canada echoes the challenges faced by the citizens of both the USA and the UK.

There are some vert interesting but shocking quotes in the article :

"The MNP Consumer Debt Index also found that 46 per cent of Canadians find themselves closer to insolvency – defined as being $200 or less away from being unable to meet their financial obligations..."

"The survey, which is conducted by Ipsos and tracks Canadians' attitudes towards their debt situation, found that 52 per cent of respondents say it is becoming less affordable to feed themselves and their families, an increase of five percentage points from December 2021"

The above statistics for Canada are also reflected in the US :

1) 58% Of Americans Are Living Paycheck To Paycheck :

2) 36% Of Americans Earning $100,000+ Are Living Paycheck To Paycheck :

3) 30% Of Americans Earning $250,000+ Are Living Paycheck To Paycheck :

4) 41% Of Americans Are Turning To Gig Economy & Side Hustling To Make Ends Meet :

The are also reflected in the UK :

1) 1 in 4 Brits are skipping meals to fund the impact of inflation :

2) 500,000 UK Small Businesses Are On Track To Stop Trading In 2022 :

90% of employees surveyed feel that they should be reimbursed for the business use of their personal IT assets :

85% of employees surveyed in used their Personal IT assets in 2021 for business purposes :

59% of all employees surveyed get neither a cellphone nor reimbursement for BYOD :

80% of all employees surveyed get neither Home Internet provided for them nor reimbursed :

The above speaks to why there are the following developments :

1) 170m Americans in 24 US states are now required under new labour laws at the state level to be reimbursed :

2) Class action lawsuits now off the charts (LA Times) due to failure to adequately reimburse for WFH and BYOD Smartphone Costs :

3) Before the pandemic and WFH started - Class action lawsuits for failure to adequately reimburse employees for BYOD and Smartphone costs were spiking :

4) Amazon Loses Request To Dismiss Class Action Lawsuit For Failure To Reimburse For Work From Home Connectivity Costs :

5) We predict that these class action lawsuits come to Canada especially given the trend towards more favourable labour laws at the provincial level and the broad increases that were occurring in minimum wages prior to the pandemic starting

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