British Columbians Struggle to Keep Finances Flowing

​​​As the Bank of Canada continues to hold interest rates at record lows, many B.C. residents have felt comfortable being a little ‘too’ free with their funds, turning to debt to help fund spending. But what were to happen if an economic shift such as a raise in interest rates or a change in household income were around the corner? Taking the time to create a budget now, to account for long-term financial objectives and surprise life circumstances could potentially save you from financial ruin. Unfortunately, budgeting doesn’t seem to be on the front burner for many households across the province. In fact, a new poll conducted by Ipsos on behalf of MNP Ltd. shows that many B.C. residents don’t have the financial literacy skills to properly manage their debt, and nearly half of them are just $200 away from not being able to pay their bills.

Darrin Surminsky, a Licensed Insolvency Trustee with MNP Ltd. recently spoke with Okanagen Edge about the survey results, adding “Consumer debt levels are at record levels, home prices in the Okanagan are edging higher, and what’s alarming is that many lack the basic financial literacy skills to manage their debts.”

An original article was published online on May 9, 2017.

Darrin Surminsky is a Licensed Insolvency Trustee serving our Kelowna region. learn more about how MNP Debt can help, contact our local office at 250.979.2580.