More full-time working homeowners struggling with debt: Credit Counselling Society

An increasing number of Canadians are admitting to struggling with their finances amid the current political climate and economic uncertainty.

Mason Cox, the director of counselling with the Credit Counselling Society, says the organization is seeing people from all walks of life.

“One of the big pieces we are seeing nowadays is seeing a lot more homeowners who maybe had more options in terms of how to address their financial concerns and constraints in the past, who are looking for new ways that maybe they’ve never been under this pressure before,” he explained.

With so much instability in the markets, the older generation is watching their retirement savings go up in smoke.

“When you see volatility, especially when it comes to your retirement funds, of course there’s going to be concern around that. Our younger generations, cost of home ownership, affordability, putting food on the table, kids, those are usually your concerns,” Cox added.

Younger people, he points out, are trying to be more proactive about their finances by seeking help and working multiple jobs to stay afloat.

Cox says a key concern is debt levels. He says the average household is tens of thousands of dollars in the red, even in homes where both people are working full-time.

“Cost of living can be broken down in a few areas — your day-to-day expenses like gas, groceries, basically getting food on the table. But there’s also that second element to it as well, just having a roof over your head. That’s been the topic of conversation in Canada for quite some time, and I think it will be the topic of conversation, whether that’s home ownership … or even just renting costs as well,” he explained.

He points out that those aged 35 to 54 are really feeling squeezed as they raise their families while caring for an elderly loved one.

“The more layers you add to that, the more complex it is. That’s definitely a very common situation you’re dealing with,” he said.

Cox tells 1130 NewsRadio that the demand for help is up, despite the stigma, which often keeps people away.

“Money is not going away anytime soon. Your finances are always going to be a part of your life, and it’s better to start sooner rather than later.”

He says it’s important to be realistic about your financial situation, whether that’s accepting that you may not be able to take a vacation or send the kids away for summer camp, and then nailing down realistic goals — paying down debt or putting a slice of your paycheque away for your savings.

The 2025 Consumer Debt Report found 44 per cent of Canadians say rising interest rates have made it harder to manage their debt, while nearly one in four have lost sleep over it.

On Tuesday, inflation cooled to 2.3 per cent in March thanks to falling gas prices. Statistics Canada says people were paying 1.6 per cent less for gas during the month and 12 per cent less on airfares compared with a year earlier, which falls in line with a drop in travel to the United States.