Head of BDO Canada Ltd says Canadians are feeling financially paralyzed

    Tuesday, 28 January 2025 07:00

    By Tonya Organ

    The President of BDO Canada Limited says higher costs have more than half of Canadians feeling unable to move forward financially but here in Atlantic Canada, nearly three quarters of those surveyed feel the same. Nancy Snedden is a Licensed Insolvency trustee. She says these higher costs erode cash flow and people are feeling financially paralyzed. Snedden says prolonged inflation and higher interest rates have taken a toll on many and although inflation is coming down, it doesn’t mean the cost of living is.   

    Nearly half (48%) say they can no longer maintain their standard of living, over one-quarter (29%) admit their finances are in a constant state of chaos.  Atlantic Canadians are also feeling the financial stain, nearly two-thirds (61%) say it is impacting their standard of living, one-third (32%) say their finances are in disarray.

    Snedden says the findings of the poll are alarming, adding the survey shows Canadians are no longer living pay cheque to pay cheque, but bill to bill, feeling anxious and debt stress. Even more concerning, nearly half (48%) believe they won’t ever be able to get ahead financially. Two thirds (62%) of Atlantic Canadians feel this way.

    To report an error, submit a news tip, or provide feedback, please e-mail news@bayfm.ca or call (709) 637-0183.

    More from Local News

     

     

     

    BayFM recognizes support from the following agencies:

                        

    Today's Weather

    • Corner Brook

      Sunny intervals

      High: 14°C | Low: 6°C

    • Deer Lake

      Sunny intervals

      High: 13°C | Low: 4°C

    • Stephenville

      Sunny intervals

      High: 14°C | Low: 7°C

    Recently Played

    Podcasts

    • BayFM On-Demand

      61st Silver Blades Annual Ice Show

      Kayla Barry, Ava Baker and Sophia Brenton from the Silver Blades Skating Club will be taking part in the Silver Blades Annual Ice Show, Saturday night at the Corner Brook Civic Centre.

    • Trash Talk

      Trash Talk Thursday, April 30, 2026

      Lynn Howse joins Lenny for Trash Talk Thursday

    • NL Summer Games 2026

      NL Summer Games 2026

      Blaze's Corner