Bankruptcy trustee in Toronto: Introduction
As a bankruptcy trustee in Toronto (now called a licensed insolvency trustee), I took great interest in reading a recent poverty line Canada study. A new research project whose results were announced in July 2018, studied poverty in Canada. It finds higher than 25% of respondents feel they have stress over financial matters. Not just a part-time stress; it is a full time feeling. Instead of just analyzing income levels, the survey considers the daily realities of making ends meet and how that can take a toll on people.
Many are unable to spend on simple things like going to the movie theatre, but also on more serious needs, like warm clothes for winter time and dental care. Some are late paying bills or cannot pay them at all and many say they can’t afford better quality food at the grocery store.
Bankruptcy trustee in Toronto: People are struggling
Researchers also found of the people who struggle most, 20% make well above what’s considered low income. However, the study finds that doesn’t always go far particularly in major urban cities. You can be making what many would consider middle-class earnings and still feel stressed. The survey showed many feel on the edge with their ability to have a life with some level of comfort or relaxation.
Bankruptcy trustee in Toronto: 4 major groups
This ARI research identified four groups:
- the struggling (16%);
- on the edge (11%);
- recently comfortable (36%); and
- always comfortable (37%).
As expected from these labels, the struggling is dealing with economic difficulties that are adversely influencing their lifestyle. Those on the edge are a stone’s throw behind them.
Bankruptcy trustee in Toronto: The study’s other main findings
The study’s other main findings are:
- nearly a third (31%) really feel extremely worried about money regularly– either usually or constantly;
- about half (52%) think hardship has actually been rising;
- almost ten percent (9%) feel that financial hardship has been decreasing;
- thirty percent (30%) are downhearted concerning their individual finances over the near future;
- more think their youngsters’ finances will be worse (43%) compared to those who think their children will be financially better (32%);
- all 4 state financial anxiety exists, yet there is more for both lower groups; and
- the anxiety felt by the always comfortable group is a fret about future troubles as opposed to their present life.
Bankruptcy trustee in Toronto: Canada Without Poverty
Canada Without Poverty charitable organization states that roughly 5 million Canadians, or 1 in 7, live in poverty. However, the ARI study shows that the participants in the study estimate that about one third live in poverty. As you can see, their views were shaped by their own feelings of money anxiety.
Bankruptcy trustee in Toronto: Are you are “on the edge”?
Do you feel you are in the “on the edge” or the “recently comfortable” groups? Are you always feeling financially stressed? Are you worried that you may not be able to absorb an unexpected expense of $1,000 or more? If so, why not get a free financial checkup?
Seek professional help immediately. Ira Smith Trustee & Receiver Inc. is a full-service practice serving people just like you and companies throughout the Greater Toronto Area (GTA) who need a plan for Starting Over, Starting Now.
We know your pain and the stress you feel because of your finances. Our Firm has helped many others restructure their debt and return to a financially healthy life. Give us a call today. We can give you peace of mind and set you on a path to debt free living. We are a bankruptcy trustee in Toronto.
