Here is the latest market commentary provided by First National Financial LP.
A new survey for the Chartered Professional Accountants of Canada suggests Canadians may harbour false notions about their financial savvy and security.
The CPA assessed attitudes from before and after the recent drop in oil prices and interest rates. The accountants say, that while Canadians rank themselves highly for financial discipline, few households are planning for potential changes to the economy.
According to the survey 79% of respondents say they are staying on top of their payments, while 59% say they are living comfortably and are doing alright financially.
However, the CPA survey indicates:
– 53% of households do not save on a regular basis.
– 51% say they do not have an emergency reserve fund apart from their “regular savings”.
– 60% (which the CPA characterises as “only”) of households say they pay off a portion of their debt on a regular basis.
– 41% of households with a HELOC did not make regular interest and principal payments to repay their outstanding balance.
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