â€œEven though standard economic indicators tell us the recession is technically over, the confidence Canadian families have in their economic and financial situation is shaky,â€ said Katherine Scott, the Instituteâ€™s director of programs.
â€œAs government at all levels craft their budgets for the coming year and look at cutting programs to reduce their deficits, they need to be mindful that the state of Canadian family finances continues to be fragile in many households.â€
Vanierâ€™s 12th annual report also notes debt-to-income ratio is at a record 150%, meaning Canadian families owe $1,500 for every $1,000 earned in after-tax income.
In 1990, average family debt was $56,800 with a debt-to-income ratio of 93%. This equates to an increase of 78% over the past 20 years.
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Credit card delinquency and bankruptcy levels were also higher than in pre-recessionary times.