Equifax Report Highlights Rising Debt and Financial Strain Among Canadian Consumers
A recent report from Equifax Canada reveals that many Canadians are increasingly using savings and credit to cover essential expenses amid rising living costs. The survey, conducted by Leger, indicates that 23% of respondents are using savings for daily needs, while 20% have increased their reliance on credit. Younger Canadians, in particular, are facing significant financial challenges, with many struggling to manage debt and save for future goals such as retirement or major purchases. The report highlights a growing financial pressure on households, with many cutting back on discretionary spending to manage their finances. 
