Bank of Canada debt warnings having an impact

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The Bank of Canada’s message on Canadian debt may be hitting home.

Mark Carney has been consistently sounding the alarm about Canadians needing to get their homes in order, with a good portion of people being over the heads in record levels of consumer debt.

A new survey conducted by PWC and Leger Marketing found almost two thirds of respondents believe their current debt levels are about right.

Respondents were also optimistic about their job prospects with almost eight in 10 per cent saying they were either confident or very confident in their job security.

However, six in 10 said they aim to decrease their debt levels over the next year, and many indicated they were ready to make cuts to discretionary spending in order to achieve that goal.

PWC said across the board, there is a new desire for Canadians to cut back on major expenditures, but the downside is that first Canadian banks are likely to experience a slowdown in loan growth over the next 12 months.

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